Asset management giant BlackRock has set up a private fund that provides US institutional investors with direct exposure to Bitcoin.
The newly created trust is BlackRock’s first Bitcoin-related offering to institutional investors in the US.
“Despite the sharp downturn in the digital asset market, we still see significant interest from some institutional investors in how to effectively access these assets. . It is also possible to save costs by using our technology and products,” BlackRock said in a statement.
On August 4, BlackRock announced an agreement with cryptocurrency exchange Coinbase to provide institutional investors with access to cryptocurrencies, starting with Bitcoin.
BlackRock is an American global investment management corporation headquartered in New York City. Founded in 1988, originally as a fixed income asset manager. As of June 2019, BlackRock is the largest asset manager in the world with assets of 6.84 trillion USD. Currently, the volume of assets under management of this giant is estimated at $9 trillion in client funds.
Earlier in 2021, BlackRock announced that their Global Allocation fund had access to Bitcoin, through the CME Bitcoin futures offering. The asset management giant has recently made more forays into the crypto space.
Meanwhile, the crypto market has now seen positive corrections and a green turn. In particular, Bitcoin has shown a bullish signal and is close to touching the $25,000 level. Currently BTC is trading at a price of $24,842.