8/11, 6:41 PM (Source: TeleTrader)
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BlackRock creates spot Bitcoin private trusts

BlackRock Inc. announced on Thursday the launch of a spot Bitcoin private trust to enable its institutional clients in the United States to have more direct exposure to the cryptocurrency.

"The trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust. 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," BlackRock said in a statement.

The news came after BlackRock reached an agreement with Coinbase Global Inc., which allowed the mutual users of Coinbase Prime and BlackRock's investment service Aladdin to perform "crypto trading, custody, prime brokerage, and reporting capabilities."

Baha Breaking News (BBN) / JR