The price of bitcoin surged above $31,000, thanks to increased demand for the leading cryptocurrency from major financial institutions, including BlackRock, the world’s largest fund management company.
According to cryptanalyst Miles Deutscher, who published chart on his twitter, in June, the amount of bitcoin held by funds increased from 830,000 BTC to more than 848,000 BTC. He noted that BlackRock played a key role in this process.
BlackRock filed for a spot bitcoin ETF with the US Securities and Exchange Commission (SEC) in June, along with several other Wall Street companies. However, the regulator delayed consideration of these applications, demanding greater transparency from the applicants.
However, BlackRock continues to show its interest in cryptocurrencies. The company has updated its filing to add Coinbase as a “joint surveillance” partner. In addition, the head of BlackRock Larry Fink called bitcoin “digital gold” that can transform the financial system.
BlackRock has also partnered with Quintet Private Bank to provide its wealthy clients with more investment opportunities. Quintet will have access to BlackRock’s risk management platform and advice from fund management experts.
BlackRock is one of the world’s leading fund management companies and provides investment, advisory and risk management solutions. The company was founded in 1988 and has 70 offices in 35 countries. As of June 30, 2023, BlackRock had $9.5 trillion in assets under management. The company offers a variety of products to its clients, including iShares ETFs and numerous funds.
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