According to a blog post published Thursday, BlackRock – the largest wealth manager in the world, with more than $ 10 trillion in total assets – he threw a new private Bitcoin spot trust (BTC). The fund is only available to US institutional investors and aims to track the performance of Bitcoin, net of the fund’s expenses and liabilities. In motivating the decision, BlackRock stated:
“Despite the sharp downturn in the digital asset market, we are still seeing considerable interest from some institutional clients on how to efficiently and cost-effectively access these tools, using our technology and product capabilities. Bitcoin is the. older, larger and more liquid digital asset and is currently the main focus of our customers in the digital assets. “
Private investment funds that do not solicit purchases from retail investors do not need to register with regulators in the United States. But others, such as the Grayscale Bitcoin Trust, can still be publicly traded – even if not registered by the Securities and Exchange Commission – on over-the-counter markets.
Excluding stablecoins, Bitcoin holds nearly 50% of the industry’s market capitalization. Regarding the use of energy by the blockchain, BlackRock said it is encouraged by organizations such as RMI and Energy Web, which are developing programs to bring more transparency on the sustainable use of energy in Bitcoin mining.
Last week BlackRock partnered with cryptocurrency exchange Coinbase to provide its customers with the ability to log in directly to cryptocurrencies, starting with Bitcoin. Users of BlackRock’s institutional investment management platform Aladdin will receive cryptocurrency trading, custody, prime brokerage and reporting capabilities upon signing up for Coinbase Prime. On a broader level, BlackRock said it has conducted research in four areas of digital assets – blockchain permissioned, stablecoin, crypto asset and tokenization – and related ecosystems.
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