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.