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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.

According to an announcement posted on August 11, BlackRock, a leading asset manager in the US, said that it will launch a private investment fund directly into 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.

BTC daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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