BlackRock files to add spot Bitcoin ETFs to its global fund MALOX

BlackRock files to add spot Bitcoin ETFs to its global fund MALOX
фото показано с : invezz.com

2024-3-9 16:03

Asset manager BlackRock wants to buy spot Bitcoin ETFs for its Global Allocation Fund (MALOX). In a March 7 filing with the US Securities and Exchange Commission, BlackRock will invest in spot Bitcoin ETFs listed and traded on national exchanges.

The spot ETFs bought may include the asset manager’s own iShares Bitcoin Trust (IBIT) and ETFs issued by others. BlackRock said:

The fund may acquire shares in ETPs that seek to reflect generally the performance of the price of Bitcoin by directly holding bitcoin — ‘Bitcoin ETPs’ — including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock.

BlackRock’s IBIT has been the most traded spot ETF since it debuted on January 11, 2024. Bitcoin holdings by the ETF have increased by over 7,000%, from 2,621 on January 11 to 187,531 as of March 17. This comes even as the asset manager awaits a decision on its spot Ether ETFs filed in November 2023.

BlackRock thinks optimal Bitcoin allocation is 85%

The allocation of spot Bitcoin ETFs into global funds underlines BlackRock’s growing interest in Bitcoin. The firm, which boasts approximately $10 trillion in assets under management, believes that the optimal Bitcoin allocation should be 84.9% of a portfolio. About $20 trillion of funds also use BlackRock’s Aladdin platform for portfolio allocations.

Expectations of further institutional uptake in Bitcoin are growing after the first spot Bitcoin ETFs approvals. This comes even as advisory firm Ernst & Young estimated that $200 trillion of institutional asset managers were sceptical about Bitcoin until the spot ETFs were approved.

BlackRock has filed with the SEC that it will buy #Bitcoin ETFs for their own funds.

They have $10 Trillion in assets under management.

Another $20 Trillion of funds use their Aladdin platform to make portfolio allocations.

BlackRock has stated that the optimal Bitcoin… pic.twitter.com/S2vazPRGXH

— Bitcoin Archive (@BTC_Archive) March 8, 2024

With the approval, more institutional participation is expected, with Ark Invest’s Cathie Wood previously speculating that Bitcoin price could top $600,000.

Even with a 0.5% allocation into Bitcoin by the $200 trillion institutional funds, this could allow Bitcoin to outstretch its current over $1.3 trillion market cap by another $1 trillion. Despite this being speculative, it could allow Bitcoin to surpass $600,000. At the time of this publication, Bitcoin was trading at $67,600, cooling off slightly from its record price.

The post BlackRock files to add spot Bitcoin ETFs to its global fund MALOX appeared first on Invezz

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spot etfs blackrock bitcoin fund malox global

Источник: invezz.com

spot etfs → Результатов: 126


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