Can Singapore Create an ASEAN Blackrock?
Singapore’s sovereign wealth fund Temasek is engineering what the Financial Times calls an ‘Asian BlackRock’ – and the structural logic of that ambition runs directly through Bitcoin. The vehicle at the center of that push is Seviora, Temasek’s wholly-owned asset management arm, which currently oversees approximately $75Bn in assets across four subsidiaries.
The central tension this story puts on the table is that a Seviora modeled on BlackRock structurally increases the likelihood of a major institutional Bitcoin vehicle launching in Asia, even though Seviora has made no such announcement today.
As this story broke, Bitcoin is trading at $64,250, up 1% over the past 24 hours, with a daily trading volume of $24.3Bn ahead of today’s FOMC rate-hike meeting. The total crypto market cap is currently sitting at $2.28 trillion.
$BTC is still below the $65,000 level.
ETFs are selling again, and the Clarity Act is getting delayed.
If Bitcoin doesn't reclaim $65,000 soon, it could drop to $62,000-$62,500. pic.twitter.com/z3HQKZjqPx
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