Share of Coinbase jumped almost 10% on Thursday after the crypto exchange announced a partnership with BlackRock to provide its clients access to cryptocurrency trading, beginning with bitcoin.
Coinbase Prime services will be available to clients of BlackRock’s investment management platform for institutional clients, Aladdin. It will provide crypto trading, custody, prime brokerage, and reporting capabilities. BlackRock is the largest asset manager in the world with more than $8 trillion under management.
Coinbase shares have been on a tear lately and analysts have not been sure why. The stock jumped 20% on Wednesday. The shares were still down nearly 70% for 2022 through Wednesday’s close.
BlackRock has selected Coinbase as its crypto trading partner.