BlackRock Meeting With Banks on Bitcoin ETF Access

BlackRock has been meeting with wirehouses, the broker-dealer arms of big banks, to teach them about its bitcoin ETF’s structure, risk and return characteristics in hope that the banks will sign off on recommending its product to clients in the coming months, The Information reported Thursday.

The effort will be critical for the next phase of growth for the firm’s bitcoin ETF. After its blockbuster launch in January, BlackRock saw its first day of outflows for the product on Wednesday as investors pulled assets across bitcoin ETFs. Bitcoin price has dropped to $59,086 Thursday from its peak of nearly $74,000 in March.