Is BlackRock, Inc (BLK) planning crypto trading services?

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Is BlackRock, Inc (BLK) planning crypto trading services?

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 Is BlackRock, Inc (BLK) planning crypto trading services?

 

Highlights

  • BlackRock, Inc. (BLK) may be offering crypto trading services.
  • In Q4, FY21, BlackRock’s revenue surged around 14% YoY.
  • The BLK stock surged more than 12% in the past 12 months.

Investment management company BlackRock, Inc. (NYSE: BLK) might be offering crypto trading services to clients, it was reported on Thursday.

The BLK stock was down 1% in the afternoon session.

The New York-based company provides asset management and other financial services. It manages more than US$10 trillion in assets for customers. 

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The company is reportedly planning to enter the crypto space with a client support trading facility. Its clients would be able to borrow by depositing crypto assets as collateral.

Its customers, such as public pension schemes and sovereign wealth funds, will also be able to trade in cryptos through its integrated investment management platform Aladdin.

Aladdin stands for Asset, Liability, Debt, and Derivative Investment Network. However, other details of the plan were not immediately known. 

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Is BlackRock, Inc (BLK) planning crypto trading services?

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BlackRock’s ETF plan

The company may have embarked on the crypto plan in June last year when it started looking for a lead for its Aladdin blockchain strategy. BlackRock is also reportedly planning to launch a tech ETF to track indexes engaged in crypto-related technologies.

Earlier, Bloomberg had reported that BlackRock filed with the SEC in January to offer an ETF that would invest in companies involved in crypto technology. 

The company's revenue surged around 14% YoY to US$5.10 billion in the fourth quarter of fiscal 2021, while its net income came in at US$1.64 billion, or US$10.63 per diluted share. The company reported revenue of US$19.37 billion in fiscal 2021.

The BLK stock returned 12.42% gains over the past 12-months. 

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  Is BlackRock, Inc (BLK) planning crypto trading services?

Bottomline

Several US banks and financial institutions have lately shown interest in the crypto industry. Investment banks like Goldman Sachs, Morgan Stanley, etc., are reportedly building their crypto infrastructure. 

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