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Coinbase Stock Soars as Crypto Exchange Forms Partnership With BlackRock

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BlackRock is partnering with Coinbase to offer Bitcoin trading services.

Michael Nagle/Bloomberg

BlackRock

is partnering with

Coinbase Global

to offer

Bitcoin
trading services to institutional clients, representing a push into cryptocurrencies for the world’s largest asset manager and a ringing endorsement for the embattled crypto exchange.

Institutional investors who use

BlackRock
’s
Aladdin investment management platform and are clients of Coinbase will now be able to directly access crypto trading, prime brokerage, and custody services through Coinbase’s institutional arm, Prime. The digital asset trading tie-up will initially be limited to Bitcoin.

Shares in Coinbase (ticker: COIN) soared 42% in early U.S. trading, building on gains from a 20% rally on Wednesday. BlackRock (BLK) stock traded 0.3% higher.

“Coinbase Prime integrates advanced agency trading, custody, prime financing, staking, and staking infrastructure, data, and reporting that supports the entire transaction lifecycle,” said Brett Tejpaul, the head of Coinbase’s institutional arm, and Greg Tusar, vice president of institutional product, in a statement. “The Coinbase partnership between BlackRock and Aladdin is an exciting milestone for our firm.”

Write to Jack Denton at jack.denton@dowjones.com

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