BlackRock recently announced a partnership with Coinbase that will provide common clients of Coinbase and the Aladdin platform to trade cryptocurrency, starting with bitcoin. Leveraging Coinbase’s comprehensive trading, custody, prime brokerage and reporting capabilities, common clients will be able to manage their bitcoin exposures alongside their public and private investments.
The largest asset manager in the world BlackRock revealed the spot Bitcoin trading on their website and they stated:
“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,1 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. Bitcoin is the oldest, largest, and most liquid cryptoasset, and is currently the primary subject of interest from our clients within the cryptoasset space”
BlackRock Inc. is an American multinational investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world’s largest asset manager, with US$10 trillion in assets under management as of January 2022 and operates globally with 70 offices in 30 countries and clients in 100 countries. The company’s portfolio is valued about $8.5 trillion in assets under management at present price.
Bitcoin trust is among other positive developments that will contribute to higher demand for Bitcoins, eventually will send its price higher and the crypto market will transit to consolidation period and probably stepping out of the bear market zone.
By the end of this year we should see BTC spot ETF approved by SEC, so far only BTC futures ETFs have been approved, which technically isn’t trading actual BTC’s, instead is derivatives trading and that doesn’t contributes to Bitcoin price.
Bitcoin is attracts lot’s of attention from institutional investors, Grayscale ETF owns most of the Bitcoins supply, which is 3.065% or 643,572 BTC’s.
From public companies Microstrategy holds the first spot with 129,699 bitcoins or 0,618% of the total supply of BTC’s. From private companies Mt. Gox fromk Japan holds the first spot with 141,686 bitcoins. While the Ukrainan goverment holds 46,351 bitcoins current value of $1,084,414,985