The world’s biggest asset manager, BlackRock, has launched a spot bitcoin private trust for institutional clients in the United States. An institutional client is an organization that invests for others.
In the official blog, BlackRock said that the trust will track the performance of bitcoin, less expenses and liabilities of the trust.
BlackRock said, “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.”
The asset management firm revealed that it has been working towards permissioned blockchains, stablecoins, cryptoassets, and tokenization.
The decision comes a week after Coinbase announced its partnership with BlackRock to provide its institutional clients with crypto trading, custody, prime brokerage, and reporting services.
