Coinbase News: BlackRock Invests $100 Million in Bitcoin via Coinbase Prime

In a significant move that underscores the growing acceptance of Bitcoin among mainstream financial institutions, BlackRock, the world’s largest asset management company, has made a substantial investment in Bitcoin. Here’s a closer look at the details of this groundbreaking transaction.

BlackRock Makes $100M Bitcoin Purchase

BlackRock, the largest asset management company globally, has actively expanded its Bitcoin market portfolio. Data from Arkham Intelligence reveals that BlackRock obtained about $100 million in Bitcoin from Coinbase Prime. On-chain data confirms massive Bitcoin inflows into the company’s Bitcoin ETF wallet, with substantial BTC deposits in the recent week without any withdrawals. A 300 BTC transaction worth an estimated $26.5 million was received minutes before Arkham reported this news.

BlackRock Launches Bitcoin ETP in Europe

BlackRock has launched a Bitcoin exchanged-traded product (ETP) in Europe. This is BlackRock’s first crypto ETP outside of North America and follows the success of its $48 billion U.S. Bitcoin fund, which launched in January 2024 and became the biggest ETF debut in history. The new product will start with a temporary fee waiver of 10 basis points, cutting the expense ratio to 0.15% until the end of 2025. After that, it will return to 0.25%, matching the fee of CoinShares’ $1.3 billion physical Bitcoin product, which currently leads the European market in assets. The iShares Bitcoin ETP will be physically backed by Bitcoin and held by Coinbase Global Inc., who will reportedly act as the custodian. The product will be available to both institutional clients and qualified retail investors.