BlackRock – among the top-tier asset managers globally, providing oversight to more than $10 trillion in total assets – reportedly released a new private spot Bitcoin (BTC) trust.

Specifically, the fund will reportedly be rolled out catering exclusively to institutional investors based in America and aims to track the performance of Bitcoin, less the expenses and liabilities of the trust.

“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,” BlackRock remarked regarding the development. 

Bitcoin is reportedly viewed as the longest-running, most major and most liquid virtual asset and at the moment, is the main subject of interest for the firm’s customers across the crypto asset sphere.

Private investment trusts that do not solicit investments from retail investors are reportedly not required to complete registration with regulatory entities in America. But others, nominally the Grayscale Bitcoin Trust, can still become publicly traded – though without Securities and Exchange Commission registration – on the over-the-counter markets.

Apart from stablecoins, Bitcoin reportedly maintains near the 50% benchmark of the sector’s market capitalization. With regard to the blockchain’s energy use, BlackRock revealed that it received encouragement from organizations like RMI and Energy Web, which are building programs to offer an enhanced level of transparency to sustainable energy utilization in Bitcoin mining.

In the first week of August, BlackRock reportedly forged an alliance with cryptocurrency exchange Coinbase to equip its clients with direct access to crypto, initially with Bitcoin.

Users of BlackRock’s institutional investment management platform, Aladdin, will receive crypto trading, custody, prime brokerage and reporting capabilities upon signing up for Coinbase Prime.