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Introduction

BlackRock, the world’s largest asset manager, has been steadily increasing its involvement in the cryptocurrency space through a series of strategic collaborations with Coinbase, one of the leading crypto exchanges. This partnership, which began in 2022, has evolved to include Bitcoin and Ethereum custody services, Exchange-Traded Fund (ETF) support, and significant asset transfers. BlackRock’s deepening engagement with Coinbase underscores the growing institutional interest in digital assets and signals a shift toward mainstream adoption of cryptocurrencies within traditional finance. Below is a timeline of key developments in this collaboration.

August 2022: Partnership Initiation

In August 2022, BlackRock announced a partnership with Coinbase to provide institutional clients using its Aladdin platform with direct access to Bitcoin and other digital assets via Coinbase Prime. This move enabled BlackRock’s clients to manage their cryptocurrency exposures alongside traditional assets, marking a significant milestone in institutional crypto adoption. (decrypt.co)

June 2023: Bitcoin ETF Filing

Building on their collaboration, BlackRock filed an application with the U.S. Securities and Exchange Commission (SEC) in June 2023 to launch a spot Bitcoin Exchange-Traded Fund (ETF). Coinbase was designated as the custodian for this proposed ETF, responsible for holding the underlying Bitcoin assets and providing pricing data. This filing signified BlackRock’s commitment to offering regulated crypto investment products, despite the SEC’s historical reluctance to approve spot Bitcoin ETFs. (investors.com)

December 2023: Operational Enhancements

In December 2023, BlackRock made amendments to its iShares Bitcoin Trust ETF filing, refining Coinbase’s role from Prime Broker to Prime Execution Agent. This change aimed to enhance the operational structure of the ETF, focusing on efficient Bitcoin and cash management to better serve institutional investors. (cryptoslate.com)

February 2025: Significant Asset Transfers

Most recently, in February 2025, BlackRock transferred substantial cryptocurrency holdings to Coinbase Prime, including approximately 1,800 Bitcoin (valued at around $160 million) and 18,168 Ethereum (valued at about $44 million). These transfers are believed to be related to liquidity management for BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), rather than indicative of market exit strategies. (yellow.com)

Through these strategic moves, BlackRock continues to deepen its integration with Coinbase, facilitating greater institutional access to cryptocurrency markets and underscoring the growing convergence between traditional finance and digital assets.