Bitcoin, Cryptocurrencies Can Get BlackRock Boost: Sources


This is news that will undoubtedly breathe new life into the fledgling cryptocurrency industry.

This will give wings to digital currency evangelists and strengthen their marketing case that the future belongs to cryptocurrencies.

black rock (NOIR) – Get the report from BlackRock, Inc., one of the world’s largest asset managers, is exploring how best to help clients interested in the crypto sphere, unnamed sources told TheStreet on Thursday. One of the avenues that Larry Fink’s group is exploring is how to allow its clients to trade on its internal Aladdin platform, the sources said.

The firm has not yet made a decision.

BlackRock, which managed $10.01 trillion in assets from public pensions, endowments and sovereign wealth funds as of December 31, has developed Aladdin, a cutting-edge technology platform for managing investments and financial operations. This platform is used by institutional investors including asset managers, pension funds, insurers and corporate treasurers.

There is an ongoing debate internally, and BlackRock may never make a company-wide decision on cryptocurrencies, the sources warned. Therefore, these investors believe that small investments in Bitcoin for example, in limited portions, could be appropriate for a portfolio, according to the sources. On the other hand, other investors think just the opposite.

BlackRock declined to comment.

Coindesk was the first to report on the news.

If BlackRock allowed its customers to use Aladdin to trade cryptocurrencies like bitcoin, ethereum, or solana, it would be a blow to the cryptosphere as it could be a signal to institutional investors that the sector is perhaps be more reliable than they think.

The electric vehicle manufacturer Tesla (TSLA) – Get the Tesla Inc report and the consulting firm KPMG, through its Canadian subsidiary, are two large, well-established companies that have currently invested in cryptocurrencies or have cryptocurrencies on their balance sheet.

If BlackRock does not yet have bitcoin on its balance sheet, the New York firm is exposed to bitcoin through its stake in the capital of the technology firm MicroStrategy (MSTR) – Get MicroStrategy Incorporated’s Class A Report which contains bitcoins with a value greater than $5.37 billion at the time of writing according to Bitcoin Treasuries.


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