BlackRock deposits $115M in ETH into Coinbase Prime
BlackRock, a global asset management company, deposited $115 million in Ethereum into Coinbase on November 5, as part of its strategy to use Coinbase Prime as a custodian for its cryptocurrency initiatives. This move aligns with activities surrounding BlackRock's Ethereum ETF operations, despite the fund experiencing four consecutive days of redemptions, including $111 million exiting the fund the previous day.
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BlackRock's Ethereum Deposit on Coinbase
BlackRock deposited $115 million in Ethereum into Coinbase on November 5, according to on-chain data. This marks another high-profile move by the global asset management giant into the cryptocurrency space.
Coinbase Prime as Crypto Custodian
The deposit is part of BlackRock's broader strategy to utilize Coinbase Prime as a custodian for its crypto initiatives, including its operations related to Exchange-Traded Funds (ETFs). Coinbase Prime has established itself as a key platform for managing institutional digital asset activities.
Importance of Coinbase for Institutional Crypto Activities
As one of the leading cryptocurrency platforms, Coinbase serves as a crucial custodian for asset managers. It facilitates institutional-level trading, liquidity management, and other critical activities for businesses venturing into the crypto space.
Ethereum ETF Redemptions Amid Deposits
The deposit comes as BlackRock’s Ethereum ETF (ETHA) experienced its fourth consecutive day of redemptions, with $111 million exiting the fund just yesterday. This juxtaposition highlights the dynamic nature of institutional involvement in cryptocurrency markets.