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Home»ADOPTION NEWS»BlackRock plans to purchase spot Bitcoin ETFs for its global allocation fund.
ADOPTION NEWS

BlackRock plans to purchase spot Bitcoin ETFs for its global allocation fund.

By Crypto FlexsMarch 9, 20242 Mins Read
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BlackRock plans to purchase spot Bitcoin ETFs for its global allocation fund.
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BlackRock may purchase physical Bitcoin exchange-traded funds (ETFs) for its global allocation fund, according to the US-based asset manager’s latest filing with the Securities and Exchange Commission.

“By holding Bitcoin directly, the Fund may acquire shares of exchange-traded products (ETPs) that seek to reflect the overall performance of the Bitcoin price.bitcoin BTC

+1.60%
ETP), includes shares of a Bitcoin ETP sponsored by affiliates of BlackRock,” the company said on Thursday. filingHe added that he would only invest in Bitcoin ETFs listed on national stock exchanges.

The Global Allocation Fund, which leverages U.S. and foreign stocks, bonds and money market securities to maximize returns, said it had $17.8 billion in assets under management as of March 7. black stone.

Earlier this week, BlackRock also contaminated Incorporating a Spot Bitcoin ETF into a Strategic Income Opportunity Fund. possession More than $36.7 billion.

Meanwhile, BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), has been leading the ETF race since its launch in January. Bitcoin recorded daily inflows of $788.3 million on Tuesday, following its all-time high above $69,000. IBIT currently holds $12.7 billion worth of Bitcoin.

Amid the success of IBIT, BlackRock also proposed launching a spot Ethereum ETF, but the SEC postponed a decision on this. Along with a similar offering from Fidelity.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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