BlackRock Adds Bitcoin to Its Global Allocation Fund: Here Is What We Know
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BlackRock Adds Bitcoin to Its Global Allocation Fund: Here Is What We Know

Nausheen Thusoo
Nausheen Thusoo
Nausheen Thusoo
Author:
Nausheen Thusoo
Writer
Nausheen is a seasoned business and finance journalist with a sharp focus on the cryptocurrency sector. With over 2 years of experience, she has established a reputation for delivering insightful, accurate, and engaging coverage of the rapidly evolving world of digital currencies and blockchain technology. Her career began in traditional finance reporting, but a keen interest in the disruptive potential of cryptocurrencies led her to pivot towards this dynamic field.
June 28th, 2024

BlackRock’s Global Allocation Fund revealed today in an SEC filing that, as of April 30, it owned 43,000 shares of the iShares Bitcoin Trust. This comes after BlackRock revealed Bitcoin exposure in two filings on May 28th, in both its Strategic Income Opportunities Portfolio and its Strategic Global Bond Fund.

Using both domestic and overseas equities, debt, and money market securities—including stocks of firms like Apple, Microsoft, and others—the BlackRock Global Allocation Fund was established in 1989 to generate investment returns.

BlackRock Promotes Bitcoin Use

To increase acceptance, BlackRock Inc. revealed that two of its largest funds purchased shares of the iShares Bitcoin Trust. In comparison to the larger ETF market, spot Bitcoin exchange-traded funds (ETFs) approved in January of this year have performed very well, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the way in daily inflows.

According to data from Sosovalue, BlackRock’s IBIT has around $18 billion in net inflows as of June 27th.

Financial Markets Brace For Larger ETF Acceptance

BlackRock’s iShares Bitcoin Trust share buying comes at a time when the larger market is preparing for the approval of other crypto-based ETFs.

Just today, investment management VanEck filed to list the first exchange-traded fund (ETF) in the United States that is correlated with the spot price of Solana. According to the notice posted on the website of the US Securities and Exchange Commission, the VanEck Solana Trust will be an exchange-traded fund that issues common shares of beneficial interest after receiving approval. It is anticipated that these shares will be listed on the Cboe BZX Exchange, Inc.

Parallelly, as negotiations between regulators and asset managers go into their final phases, the U.S. Securities and Exchange Commission may authorize spot ether exchange-traded funds (ETFs) by July 4, according to industry executives cited by Reuters.

ETH ETFs are being requested by VanEck, BlackRock, Grayscale, Franklin Templeton, and four other asset managers for SEC approval. The majority of these firms introduced spot bitcoin ETFs in January after battling regulators for more than ten years.

As Bankless Times reported earlier, only “minor” concerns have been rectified, and the process of changing the offers has not progressed. Only after the appropriate documentation has been approved can ETFs begin trading.

Contributors

Nausheen Thusoo
Writer
Nausheen is a seasoned business and finance journalist with a sharp focus on the cryptocurrency sector. With over 2 years of experience, she has established a reputation for delivering insightful, accurate, and engaging coverage of the rapidly evolving world of digital currencies and blockchain technology. Her career began in traditional finance reporting, but a keen interest in the disruptive potential of cryptocurrencies led her to pivot towards this dynamic field.