BlackRock May Purchase Spot Bitcoin ETFs for Global Allocation Fund

  • According to BlackRock’s application, there is a possibility of acquiring spot bitcoin exchange-traded funds (ETFs) for the Global Allocation Fund.
  • BlackRock has also applied to include spot bitcoin ETFs in the Strategic Income Opportunities fund, which has assets of over $36.7 billion.
  • BlackRock’s spot bitcoin ETF, iShares Bitcoin Trust (IBIT), has maintained its lead in the ETF race since its launch in January.

BlackRock, the world’s largest asset manager, has announced its intention to purchase a spot Bitcoin ETF for the Global Allocation Fund.

BlackRock Reveals Plan to Acquire Spot Bitcoin ETF

BlackRock

According to the updated application submitted by BlackRock to the U.S. Securities and Exchange Commission (SEC), there is a possibility of acquiring spot bitcoin exchange-traded funds (ETFs) for the Global Allocation Fund.

In the application filed on Thursday, the company stated, “The Fund may invest in shares of exchange-traded products (ETPs), typically exchange-traded products that aim to reflect the price performance of bitcoin, by directly holding bitcoin (via Bitcoin ETPs). This includes shares of a Bitcoin ETP supported by an affiliate of BlackRock.” indicating that they will invest only in bitcoin ETFs listed on national securities exchanges.

According to BlackRock’s data, as of March 7, the Global Allocation Fund, which uses U.S. and foreign stocks, debt securities, and money market instruments to maximize returns, had assets under management of $17.8 billion.

Earlier this week, BlackRock also applied to include spot bitcoin ETFs in the Strategic Income Opportunities fund, which has assets of over $36.7 billion.

BlackRock’s IBIT ETF Stands Out

Meanwhile, iShares Bitcoin Trust (IBIT), BlackRock’s spot bitcoin ETF, has maintained its lead in the ETF race since its launch in January. Following Bitcoin’s new all-time high above $69,000 on Tuesday, IBIT recorded a record daily inflow of $788.3 million. IBIT currently holds bitcoin worth $12.7 billion. During the success of IBIT, BlackRock also proposed the launch of a spot Ethereum ETF, but the SEC postponed a decision-making process along with a similar proposal from Fidelity.

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