BlackRock plans to purchase spot bitcoin ETFs for its Global Allocation Fund
Quick Take
- BlackRock plans to buy its own spot bitcoin ETFs as well as other bitcoin ETFs with its Global Allocation Fund, which holds assets close to $18 billion.
BlackRock may purchase spot bitcoin exchange-traded funds (ETFs) for its Global Allocation Fund, according to the U.S.-based asset manager’s updated filing with the Securities and Exchange Commission.
“The Fund may acquire shares in exchange-traded products (ETPs) that seek to reflect generally the performance of the price of bitcoin by directly holding bitcoin (Bitcoin 
BTC
-1.35%
ETPs), including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock,” the firm said in the Thursday filing, adding that it will only invest in bitcoin ETFs listed on national securities exchanges.
The Global Allocation Fund, which utilizes U.S. and foreign equity, debt and money market securities in maximizing returns, held $17.8 billion in assets under management as of March 7, according to BlackRock.
Earlier this week, BlackRock also filed to incorporate spot bitcoin ETFs into its Strategic Income Opportunities fund, which holds over $36.7 billion.
RELATED INDICES
Meanwhile, BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust (IBIT), has led the ETF race since its launch in January. It reached record daily inflows of $788.3 million on Tuesday, following bitcoin’s new all-time high above $69,000. IBIT currently holds $12.7 billion worth of bitcoin.
Amid the success of IBIT, BlackRock has also proposed the launch of a spot Ethereum ETF, which the SEC has delayed making a decision for along with a similar proposal from Fidelity.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
