- BlackRock has collaborated with Coinbase to prepare a road to launch the ETFs.
Blackrock has induced a motion with a new collaboration and product offering clients accessing Bitcoin. However, many are now questioning when its indulgence in crypto will expand.
Earlier this month world’s biggest crypto asset manager declared it is collaborating with crypto exchange Coinbase to offer institutional investors access to bitcoin, with BlackRock users able to purchase the asset on its Aladdin platform.
A blog post by the firm released on Thursday mentioned that it launched spot Bitcoin for its US institutional Consumers. Despite reaching without much fanfare from BlackRock, the new product marks its first step into wrapping direct crypto openness in a structured vehicle.
Intriguingly, both announcements were accompanied by statements detailing a “significant interest” in the BlackRock customer asset class
Amid recent advances in cryptocurrency, customer interest, other major asset managers launching wrapped crypto products, and their status as the largest ETF issuer, many spectators assume that an ETF or an exchange-traded product (ETP) is next in BlackRock’s crypto roadmap.
Larry Fink, Chairman, and CEO of BlackRock, was first to reveal this client’s interest in his annual letter to shareholders in March and added in his statement that “studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients.”
BlackRock stated, ” It is worth adding that the Securities and Exchange Commission (SEC) has yet to approve an application for a spot bitcoin ETP.”
Athanasios Psarofagis, an ETF analyst at Bloomberg Intelligence, expressed his views “It may not be far off given they are now committed it seems like the next logical step.”
An official spokesperson of the firm informed ETF Stream that it has ” no plans” to launch ETP and ETF, and the firm “haven’t applied” for such products.
BlackRock stated, “It is worth adding that the Securities and Exchange Commission (SEC) has yet to approve an application for a spot bitcoin ETP.”
The Founding member at Blackwater Search and Advisory, Michael O’Riordan, spoke: “I am sure BlackRock would have (launched a crypto ETF/ETP)nine months ago were it not for reputational and likely internal compliance concerns.”
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