BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.
Coinbase soared 19% to $95.81 at 10:28 a.m. in New York. The partnership with BlackRock provides some relief for the biggest US crypto-trading platform, whose shares lost more than two-thirds of their value this year through Wednesday.
Top BlackRock clients will be able to use its Aladdin investment-management system to oversee their exposure to Bitcoin along with other portfolio assets such as stocks and bonds, and to facilitate financing and trading on Coinbase’s exchange, according to a statement Thursday. The focus of the partnership with Coinbase, the biggest US crypto-trading platform, “will initially be on Bitcoin,” BlackRock said.
BlackRock’s move deepens the involvement of Wall Street’s traditional financial players in...
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