Key Takeaways
- BlackRock deposited $391 million in Bitcoin to Coinbase Prime.
- The deposit supports BlackRock’s management of spot cryptocurrency ETFs, particularly Bitcoin and Ethereum funds.
BlackRock, a leading global asset management firm, deposited around 4,471 Bitcoin worth approximately $391 million into Coinbase Prime today. The transfer represents the latest movement by the asset manager as it manages its spot cryptocurrency ETFs.
Coinbase Prime, an institutional cryptocurrency custody and trading platform, has been receiving substantial Bitcoin and Ethereum deposits from asset managers like BlackRock to support ongoing portfolio operations and ETF activities.
BlackRock has been actively depositing Bitcoin and Ethereum into Coinbase Prime to facilitate operations for its spot cryptocurrency ETFs amid portfolio adjustments. The firm oversees spot Bitcoin and Ethereum exchange-traded funds, focusing on integrating crypto into traditional investment portfolios.
BlackRock’s Bitcoin ETF has faced large redemptions in recent weeks. The fund recorded $149 million in net outflows yesterday, logging three straight days of negative flows.
Source: https://cryptobriefing.com/blackrock-deposits-390m-bitcoin-coinbase-prime/
