BlackRock Sets Up Fund For Direct Investment In Bitcoin
BlackRock Investment Management Group will set up a private equity fund that will give large institutions in the US direct exposure to Bitcoin.
This investment fund will only be offered to institutional clients in the US and commit to buying actual Bitcoin instead of just holding futures like other types of ETFs. An excerpt from the announcement reads:
“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.”
Today’s news follows the $10 trillion asset manager’s agreement with US exchange firm Coinbase. This agreement will allow BlackRock to begin selling cryptocurrency investment solutions to institutional clients through Coinbase Prime.
This is the most obvious move by BlackRock to enter the crypto space, especially Bitcoin as its price is sending out a positive signal.
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