Blackrock's Bitcoin Trust
Blackrock, the worlds largest asset manager with over 10 trillion dollars in assets under management, is making a big move into the crypto space with the announcement of a spot Bitcoin private trust.
This will only be available to institutional clients in the US, but will place Blackrock in direct
competition with the biggest investment firm for crypto assets, Grayscale.
Blackrock wrote in a blog post:
“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.”
This comes just after a deal was struck between Blackrock and Coinbase, allowing clients of its Aladdin investment platform to trade crypto assets with their combined $40 trillion in monetary assets.
Interestingly enough, Cathay Woods, founder of ARK investments and recent seller of a
massive share in Coinbase, says in her new video that this could be a big boom to the Bitcoin
price if investors just used the 2.5% rule to invest in crypto...
“Assuming just that 2.5% of this 40 trillion dollar platform, that’s 1 trillion dollars in demand. That would more than double the bitcoin price right there if we assume that it was all done in bitcoin, which this agreement is focused on bitcoin.”