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BlackRock CEO Larry Fink announced plans to index private markets, potentially positioning the firm for a Solana ETF, following its acquisition of data provider Preqin.
BlackRock's £2.55 Billion Acquisition of Preqin to Enhance Private Market Indexing and Expand Alternative Assets Sector
In a recent report by CoinGape, Larry Fink, the CEO of BlackRock, disclosed the organization's intention to index the private market after it acquires data provider Preqin.
Fink discussed the acquisition of Preqin in greater detail during a call with investors and analysts on July 1.
He emphasized that the objective is to extend the principles of indexing iShares to the private markets, as they continue to be a substantial component of public markets. The London-based private capital database provider is widely recognized for its index funds. The agreement between BlackRock and Preqin is valued at £2.55 billion, equivalent to approximately $3.2 billion.
Larry Fink says he wants BlackRock to “index the private markets” and “bring the principles of indexing even iShares to the private markets” on a July 2 call with analysts about the Prequin deal.
Preqin's acquisition is consistent with the investment asset management firm's objective to establish itself as a prominent participant in the alternative asset sector. Fink believes indexes and data will ultimately facilitate "the democratization of all alternatives." BlackRock was determined to pursue this private market index after observing a rise in investor demand for pertinent data.
“They’ve grown durable, high-growth revenue pools adjacent to asset management, and they have generated enormous value for clients and shareholders,” BlackRock CEO said, speaking of the increased demand. “Our aim is to do all of that in the far less mature data, analytics, and index business for all the private markets.”
The transaction still needs to be completed, but it is anticipated to be finalized by the end of the year. It is still pending regulatory and other essential approvals.
BlackRock's Private Market Expansion May Lead to Solana ETF Following Bitcoin and Ethereum ETF Approvals
BlackRock has already entered the private market by offering spot Bitcoin and Ethereum ETFs. The United States Securities and Exchange Commission (SEC) received the firm's application for a spot Bitcoin ETF last year. BlackRock and other registrants were authorized to offer the new product for trading after the securities regulator approved the offering approximately six months later.
It is important to note that BlackRock submitted its filing for a spot Ethereum ETF before the SEC approved Bitcoin ETFs in January. The SEC consistently postponed its decision regarding the filing and other spot Ethereum ETF applications. The SEC only approved BlackRock's filing, as well as those from VanEck, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, on May 23. Nevertheless, the offering is not currently available for trading.
Currently, the prospective new product is a Solana ETF. VanEck and 21Shares have submitted their 19b-4 applications for the offering, and the other crypto ETF filers are expected to follow suit. The investment asset management firm BlackRock may be the next in line for a Solana ETF, given its recent discussions regarding indexing the private market.
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