BlackRock Launches Private Spot Bitcoin Trust

BlackRock, the world's largest asset manager, created a private spot Bitcoin (BTC) trust on Thursday.

The fund tracks Bitcoin's performance, less the trust's expenses and liabilities, for U.S. institutional investors exclusively.

BlackRock explained the decision: “Despite the dramatic fall in the digital asset market, we are still seeing strong interest from some institutional clients in how to efficiently and cost-effectively access these assets utilizing our technology and product capabilities.

Bitcoin is the oldest, largest, and most liquid digital asset, and our clients are most interested in it.”

Private investment trusts that do not solicit retail investors do not need US regulatory registration.

Others, like the Grayscale Bitcoin Trust, can trade over-the-counter without SEC registration.

Bitcoin holds about 50% of the industry's market capitalisation without stablecoins.

BlackRock said it's encouraged by RMI and Energy Web's efforts to increase blockchain energy transparency.

BlackRock teamed with Coinbase last week to give clients direct access to Bitcoin.

Coinbase Prime gives Aladdin users crypto trading, custody, prime brokerage, and reporting.

BlackRock has been researching permissioned blockchains, stablecoins, crypto assets, and tokenization and their ecosystems.

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