Bitcoin has reached a $25K mark following the announcement of a new private spot Bitcoin trust from the world’s largest asset manager BlackRock
The BlackRock asset manager with $10 trillion currently in its portfolio announced a new private spot Bitcoin (BTC) trust. It is now available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust.
Despite the steep downturn in the digital asset market, the company sees substantial interest to crypto from institutional clients. Therefore, BlackRock will provide efficient and cost-effective access to crypto assets using its technology and product capabilities.
Before this announcement, the asset manager partnered with cryptocurrency exchange Coinbase to provide its clients with direct assess to crypto, starting with Bitcoin. It has also been conducting work in permissioned blockchains, stablecoins, cryptoassets, and tokenization.
The unfading interest of such a large financial institution in the crypto market sent BTC up almost to $25K. At the same time, experts are positive but still not outright bullish about the future trend.
Coinbase stock on the rise boosted by BlackRock partnership
Four things to consider before using a bitcoin or crypto debit card