BlackRock, the largest asset manager in the world, announced in a blog post Thursday the launch of a new bitcoin private trust. BlackRock stated, “BitcoinBTC -0.8% is the oldest, largest, and most liquid cryptoasset, and is currently the primary subject of interest from our clients within the cryptoasset space. Excluding stablecoins, bitcoin maintains close to 50 percent of the industry’s market capitalization.”
BlackRock highlighted its commitment to offering its clientele a variety of choices in its investment portfolio. “BlackRockBLK +3.2% is committed to providing clients with access to their choice of investment opportunities and has launched a spot bitcoin private trust. The trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust.”
With bitcoin valued lower against the U.S. dollar over the past five months, BlackRock stated some of their institutional investors still were expressing interest in the digital asset. “Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,” stated the blog post.