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The trust will be available to US-based institutional clients and will be BlackRock's first product that offers direct exposure to the price of bitcoin. Earlier this month, BlackRock announced a deal with crypto exchange Coinbase to offer institutional investors access to crypto, beginning with bitcoin. BlackRock, which manages around $9t of customer funds, will use Coinbase Prime to provide the service.
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"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," BlackRock said in a statement.
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