“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.
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.