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On March 7, BlackRock, the foremost asset management firm globally, revealed its plan to incorporate spot Bitcoin exchange-traded funds (ETFs) into its well-known Global Allocation Fund (MALOX) aimed at retail investors.
The firm’s recent submission to the U.S. Securities and Exchange Commission (SEC) indicated a strategic pivot towards cryptocurrency investments.
BlackRock Global Allocation Fund Portfolio
The asset manager intends to add physically-backed Bitcoin exchange-traded products (ETPs) to its MALOX fund.
This implies that the fund may purchase shares in ETPs that mirror Bitcoin’s performance by directly holding the cryptocurrency, including those backed by a BlackRock affiliate.
This suggests that MALOX could potentially invest in Bitcoin ETFs, such as BlackRock’s iShares Bitcoin Trust (IBIT), which was launched in January 2024.
This move reflects a recent update to its Strategic Income Opportunities Fund (BSIIX), where BlackRock outlined its plans to integrate spot Bitcoin ETFs into its product offerings.
Established in February 1989, the BlackRock Global Allocation Fund aids investors in managing a portfolio comprising U.S. and international stocks, bonds, and cash equivalents. MALOX is one of the 500 funds overseen by BlackRock.
The holdings of the BlackRock Global Allocation Fund exceed $17 billion, with a market capitalization of around $497.4 billion. Nvidia Corp, Amazon Com Inc, and Microsoft rank among its leading equity holders.
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Fastest-Growing Bitcoin ETF
On January 10, BlackRock along with nine other spot ETFs received approval for their spot Bitcoin ETF. Subsequently, the iShares Bitcoin Trust (IBIT) saw significant growth.
Since the launch of IBIT, BlackRock has acquired 6,266 Bitcoin daily, accumulating 184,910 BTC valued at $12.9 billion as of March 7, 2024.
On February 27, BlackRock’s Bitcoin ETF exceeded $1 billion in trading volume. Furthermore, the iShares Bitcoin ETF (IBIT) reached a significant milestone in the ETF sector by attaining $10 billion in assets under management (AUM) on March 1.
MILESTONE: the ten Bitcoin ETFs did $10b in volume today, smashing prev record set last Wed.. Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETfs under 2mo old. $IBIT, $FBTC, $BITB, $ARKB all w record days. pic.twitter.com/rIdbhoYifV
— Eric Balchunas (@EricBalchunas) March 5, 2024
In just seven weeks following its January 11th launch, it became the quickest ETF to achieve this milestone. BlackRock’s achievements with Bitcoin ETFs have prompted the firm to seek approval for a spot Ethereum ETF in the U.S.
SEC just delayed @InvescoUS & @galaxyhq’s #Ethereum ETF. 100% expected and more delays will continue to happen in coming months.
The only date that matters for spot #ethereum ETFs at this time is May 23rd. Which is @vaneck_us’s final deadline date pic.twitter.com/gkVZL2QuPK
— James Seyffart (@JSeyff) February 6, 2024
Financial analysts are cautious regarding the SEC’s timeline for approving a spot Ethereum ETF due to the regulator’s history of postponing applications.
Bloomberg’s ETF analyst James Seyffart has suggested that approval for an Ethereum ETF may not occur until May 23, the final deadline for applications submitted by VanEck and Cathie Wood’s Ark Invest.
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