BlackRock Has Launched A New Private Spot Bitcoin Trust

BlackRock, the world's largest asset manager with over $10 trillion in total assets, announced the launch of a new private spot Bitcoin (BTC) trust in a blog post published on Thursday.

The fund is only available to institutional investors in the United States and aims to track the performance of Bitcoin after deducting the trust's expenses and liabilities.

"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," BlackRock explained.

Bitcoin is the oldest, largest, and most liquid digital asset, and it is currently the primary topic of interest for our clients in the digital asset space."

Private investment trusts that do not solicit investments from retail investors are not required to register with US regulatory authorities.

Others, however, such as the Grayscale Bitcoin Trust, can still become publicly traded on the over-the-counter markets despite not being Securities and Exchange Commission-registered.

Excluding stablecoins, Bitcoin accounts for nearly half of the industry's market capitalization.

Concerning the blockchain's energy consumption, BlackRock stated that it is encouraged by organizations such as RMI and Energy Web, which are developing programs to increase transparency in the use of sustainable energy in Bitcoin mining.

BlackRock announced a partnership with cryptocurrency exchange Coinbase last week to provide its clients with direct access to cryptocurrency, beginning with Bitcoin.

When they sign up for Coinbase Prime, users of BlackRock's institutional investment management platform, Aladdin, will gain access to crypto trading, custody, prime brokerage, and reporting capabilities.

On a broader level, BlackRock stated that it has been conducting research in four areas of digital assets and their associated ecosystems: permission blockchains, stablecoins, crypto assets, and tokenization.

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