Asset manager pushes deeper into digital assets after ETF success
BlackRock is closing in on the crown of running the world’s largest bitcoin fund as the asset manager’s initial scepticism over cryptocurrencies gives way to ambitions to become a significant player in the digital asset market. The US group’s spot bitcoin exchange traded fund has garnered $16.7bn of assets since it launched four months ago, putting it less than $1bn behind market leader Grayscale, which enjoyed a 10-year and $28bn head start.
BlackRock’s global head of strategic ecosystem partnerships, Joseph Chalom, now sits on the Securitize board. Two years ago BlackRock took a minority investment in Circle, which runs the world’s second-largest stablecoin, USDC. A stablecoin is a type of digital currency pegged to a sovereign currency, such as the US dollar.
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