BlackRock Entering The Crypto Space Through Bitcoin ETF Route Should Be Taken 'Very Seriously,' Says Analyst
Portfolio Pulse from Murtuza Merchant
BlackRock, the largest ETF issuer, is entering the Bitcoin market with a proposed iShares Bitcoin Trust, which could solidify cryptocurrency as an investment asset. The trust's shares will be listed on NASDAQ, and Coinbase Global Inc Custody Trust Company will be the custodian for the Trust's Bitcoin holdings.
June 16, 2023 | 7:29 pm
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POSITIVE IMPACT
BlackRock's entry into the Bitcoin market with a proposed iShares Bitcoin Trust could solidify cryptocurrency as an investment asset and potentially boost the company's ETF dominance.
As the largest ETF issuer, BlackRock's entry into the Bitcoin market is significant and could attract more investors to the cryptocurrency space. This could lead to increased demand for the iShares Bitcoin Trust, boosting BlackRock's ETF dominance and potentially its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
BlackRock's proposed iShares Bitcoin Trust could lead to increased demand for Bitcoin, potentially driving up its price.
The iShares Bitcoin Trust could attract more investors to the cryptocurrency space, leading to increased demand for Bitcoin. As a result, the price of Bitcoin could potentially rise.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Coinbase Global Inc Custody Trust Company has been named as the custodian for BlackRock's proposed iShares Bitcoin Trust, which could strengthen the partnership between the two giants and potentially benefit Coinbase.
Coinbase's role as the custodian for the iShares Bitcoin Trust could strengthen the partnership between BlackRock and Coinbase, potentially leading to more collaboration in the future. This could benefit Coinbase and potentially its stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80