BlackRock deposits $478.5M in Bitcoin and $195M in Ether into Coinbase
Outflows hit its iShares Ethereum Trust for five days in a row
Key Takeaways
- BlackRock deposited $478.5 million in Bitcoin and $195 million in Ether into Coinbase today.
- These deposits are part of BlackRock's institutional crypto strategy via its ETF products.
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BlackRock deposited around 4,653 Bitcoin worth $478.5 million and 57,455 Ethereum worth $195 million into Coinbase today. The asset management giant has been actively depositing crypto assets into exchanges through its ETF products as part of its institutional crypto strategy.
BlackRock has conducted multiple similar deposits of Bitcoin and Ethereum to Coinbase Prime in recent weeks. Its iShares Ethereum Trust recorded outflows for five consecutive days, while the iShares Bitcoin Trust saw four days of outflows over the same period.
Coinbase, a leading crypto exchange providing prime services for institutional asset transfers and custody, serves as a key partner for BlackRock’s crypto operations. The exchange enables seamless transfers for institutional clients managing large-scale crypto movements.
