WASHINGTON: BlackRock Inc, the world’s biggest asset manager, has launched a spot bitcoin private trust for institutional clients in the US, as per a blog post on its website.

The trust will track the performance of bitcoin, offering direct exposure to the price of the digital currency, BlackRock said. “Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets,” the company said.