BlackRock is launching a spot bitcoin private trust to provide institutional clients in the United States with direct exposure to the world's largest criptocurrency.
In the mid-morning trading on Friday, the price of digital currency was above $23,000 per coin. The price of the coin with a $455 trillion market cap rebounded since it fell to a 52 week low of $17,601. In June, the price was 58 per coin. It is still well off its all-time high of $68,990. Last year, 90 per coin was hit.
Despite the steep downturn in the digital asset market, we are still seeing interest from institutional clients in how to access these assets using our technology and product capabilities, the world's largest asset manager said in a blog post on Thursday.
BlackRock announced on Wednesday that the U.S. Securities and Exchange Commission has denied several applications for spotBitcoin exchange traded fundsETF, including Grayscale investments, Fidelity and VanEck.
The agency has green litETFs that offer exposure toBitcoin but are not pure plays, including the ProShares Enhanced Commodity Strategy Fund, WisdomTree's Enhanced Commodity Strategy Fund and the Bitwise Crypto Industry Innovators ETF.
BlackRock has been working on in four areas of digital assets where it sees a potential benefit for its clients and capital markets more broadly. There are areas that include permissionedBlockchains, stablecoins, and tokenization.
BlackRock has partnered with Coinbase to give more clients access to digital assets, includingBitcoin, through its Aladdin platform.
Common clients will be able to manage their exposures with the help of Coinbase's comprehensive trading, custody, prime brokerage, and reporting capabilities, as well as their public and private investments, according to BlackRock.
The firm was praised for the work of energy nonprofits RMI and Energy Web, who are working to bring greater transparency to sustainable energy use inbitcoin mining.