BlackRock Refiles with SEC and Partners with Quintet Private Bank
Almost a month ago, the world’s largest fund management company, BlackRock spearheaded by Larry Fink, announced that it had made a filing with the Securities and Exchange Commission (SEC) to set up a spot Bitcoin ETF. Following the news, several large Wall Street companies followed suit, helping push Bitcoin to its current value above $31,000. Although the regulators deemed the filinings “inadequate” for further clarification, only three days later, BlackRock refiled its application- this time naming Coinbase as its “surveillance-sharing” partner.
Meanwhile, in a move that promises to further expand its offerings of investment products, BlackRock has entered into a partnership with Quintet Private Bank per reports from Bloomberg. Thanks to the Global Investment giants certified platform for risk management, and its fund management team, the banks clients will now be able to access expert financial assistance and advice. However, shortly after BlackRock obtained the aforementioned partnership, the leading cryptocurrency, BTC, pulled back during trading near the $30,280 spot.
Outside of its partnerships, cryptocurrency analyst, Miles Deutscher, recently took to Twitter & shared the increasing accumulation of Bitcoin by various funds with backing from BlackRock & a provided chart. According to the chart as of June 2021, the amount of Bitcoin held by fund management companies increased from 830,000 BTC up to slightly above 848,000. Additionally, Larry Fink has commented on the situation comparing Bitcoin to digitized gold, emphasizing its potential to reform finance.
