BlackRock Launches Spot Bitcoin Private Trust After Coinbase Partnership

World’s largest asset manager “conducting work” on potential of permissioned blockchains, stablecoins, cryptoassets and tokenization


key takeaways

  • BlackRock has seen “substantial interest from some institutional clients” in crypto despite the market’s steep downturn
  • Its new bitcoin trust follows a deal to connect the firm’s Aladdin platform to Coinbase Prime

Asset management titan BlackRock has delved a bit deeper into the crypto waters, revealing that it has launched a spot bitcoin private trust for US institutional clients. 

“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,” the company said in a Thursday statement.

The trust seeks to track the performance of bitcoin. The cryptoasset’s price stood at about $24,600 at 9:45 am ET, down roughly 64% off its all-time high reached last November. 

BlackRock, which managed $8.5 trillion in assets as of June 30, labeled permissioned blockchains, stablecoins, cryptoassets and tokenization as areas in which it sees potential.   

The company also said in the statement that it is “encouraged” by programs by RMI and Energy Web, which it sees bringing transparency to sustainable energy usage in bitcoin mining. 

A BlackRock spokesperson declined to comment. 

The company’s announcement comes about a week after BlackRock partnered with Coinbase to offer institutional clients of its Aladdin platform access to bitcoin. The deal allows for Aladdin users — including asset managers, pension funds, insurers and corporate treasurers — to handle bitcoin exposure directly in their existing portfolio management and trading workflows.  

Industry watchers and executives said the move proves institutional investor interest in the asset class and could spur traditional finance competitors to follow suit. 

BlackRock has slowly warmed up to crypto, launching a blockchain ETF in April. BlackRock CEO Larry Fink said the month prior that the war in Ukraine could accelerate the adoption of digital currency.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Curve's Stablecoin and Lending Market


AMMs are at the root of everything elegant and useful in DeFi.That's why Curve put LLAMMA at the center of its lending protocol.



Given the impressive growth trajectory and unpredictable future of crypto markets, the potential systemic risks cannot be dismissed, the board said


Five years after the ICO boom and bust, the notion of traditional finance assets existing on the blockchain is not nearly as far fetched


The Fahrenheit Consortium beat out competing offers from Novawulf and BRIC


A research paper modeled the reliability and carbon footprint of crypto mining in Texas


Bring in the next million developers, and then we can start worrying about where to find the next billion users



Web3 real estate investing platform Parcl leverages blockchain to address the current bottlenecks facing property investing