NEW YORK - BlackRock (NYSE:BLK)'s foray into the cryptocurrency space took a significant step forward today with the U.S. Securities and Exchange Commission (SEC) clearing its iShares Bitcoin Trust ETF (IBIT). The approval spurred a notable increase in pre-market trading on Nasdaq, signaling investor enthusiasm for the new product.
Dominik Rohe, a spokesperson for BlackRock, emphasized the benefits that IBIT offers to asset managers and financial advisors, citing its convenience and operational advantages. This development is a part of BlackRock's broader digital assets initiative, which aims to provide clients with a diverse range of investment options.
The iShares Bitcoin Trust ETF has been listed on multiple platforms, including BlackRock's iShares site, Nasdaq, and Aladdin, the company's end-to-end investment platform. BlackRock's expansion into digital assets through IBIT adds to its already extensive offerings, which encompass over 1300 ETFs across various asset classes.
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