U.S. Markets close in 1 hr 50 mins
  • S&P 500

    4,142.65
    -2.54 (-0.06%)
     
  • Dow 30

    32,872.84
    +69.37 (+0.21%)
     
  • Nasdaq

    12,641.83
    -15.72 (-0.12%)
     
  • Russell 2000

    1,939.19
    +17.36 (+0.90%)
     
  • Crude Oil

    90.15
    +1.14 (+1.28%)
     
  • Gold

    1,804.20
    +13.00 (+0.73%)
     
  • Silver

    20.62
    +0.78 (+3.92%)
     
  • EUR/USD

    1.0200
    +0.0012 (+0.1224%)
     
  • 10-Yr Bond

    2.7680
    -0.0720 (-2.54%)
     
  • Vix

    21.47
    +0.32 (+1.51%)
     
  • GBP/USD

    1.2085
    +0.0014 (+0.1196%)
     
  • USD/JPY

    134.7200
    -0.2500 (-0.1852%)
     
  • BTC-USD

    23,922.70
    +668.18 (+2.87%)
     
  • CMC Crypto 200

    557.55
    +14.67 (+2.70%)
     
  • FTSE 100

    7,482.37
    +42.63 (+0.57%)
     
  • Nikkei 225

    28,249.24
    +73.37 (+0.26%)
     

BlackRock (BLK) Partners With Cryptocurrency Exchange Coinbase

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

BlackRock, Inc. BLK has partnered with cryptocurrency exchange, Coinbase Global, to provide its institutional clients with access to digital currencies. Presently, the partnership is limited to bitcoins as it is the largest cryptocurrency in terms of market valuation.

Through the partnership, BLK’s institutional clients will have access to crypto trading, custody, prime brokerage, and reporting via Coinbase Prime, which is the exchange’s institutional platform, providing a wide range of features and tools.

Moreover, BLK’s top clients will be able to use the Aladdin investment-management system to oversee their exposure to bitcoin, along with other portfolio assets such as stocks and bonds, and to facilitate financing and trading on Coinbase’s exchange.

BlackRock, which is the world’s largest asset manager, has more than $10 trillion in assets under management. For a long time now, there have been rumors about BLK entering the cryptocurrency market.

Joseph Chalom, the global head of strategic ecosystem partnerships at BlackRock, stated, “Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets.”

The news of the partnership has come at a time when investors are dumping risky digital assets amid the geopolitical turmoil, rising interest rates and fears of an impending recession.

Notably, Coinbase has been facing a tough time since the Securities and Exchange Commission (SEC) reported its probe on July 25. The SEC has been inspecting the exchange’s cryptocurrency listings for a long time.

In mid-June, Coinbase revealed that it cut back 18% of its workforce to “ensure healthy during this economic downturn.”

So far this year, shares of BLK have lost 24% compared with the 22.9% decline recorded by the industry.

 

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

 

Currently, BlackRock carries a Zacks Rank #4 (Sell).

A couple of better-ranked stocks from the same space are Noah Holdings Limited NOAH and Atlas Corp. ATCO. Currently, NOAH sports a Zacks Rank #1 (Strong Buy) and ATCO carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Noah Holdings’ current-year earnings estimates have been revised 3.8% upward over the past 60 days. NOAH’s shares have lost 58.1% over the past year.

The consensus estimate for Atlas Corp’s current-year earnings has been revised 1.3% upward over the past 60 days. Over the past year, ATCO’s share price has declined 13.9%.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
BlackRock, Inc. (BLK) : Free Stock Analysis Report
 
Noah Holdings Ltd. (NOAH) : Free Stock Analysis Report
 
Atlas Corp. (ATCO) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.