$ETH
#BlackRockETHPurchase BlackRock has filed with the SEC to purchase Bitcoin ETFs for its Global Allocation Fund. Here's what's happening
- *BlackRock's Global Allocation Fund*: This fund, launched in 1989, aims to provide investment returns through a managed policy utilizing US and foreign equity, debt, and money market securities. It has $17.8 billion in assets under management.
- *Investment in Bitcoin ETFs*: BlackRock wants to include physically backed Bitcoin exchange-traded products (ETPs) in its Global Allocation Fund. The fund may acquire shares in ETPs that track Bitcoin's performance, including BlackRock's own iShares Bitcoin Trust (IBIT) and other issuers' ETFs.
- *Why Bitcoin ETFs*: BlackRock likely sees Bitcoin investing as a way to boost the fund's performance, which underperformed earlier this year. With Bitcoin's price surging and the growth of Bitcoin ETFs, BlackRock hopes to make the fund stronger for its clients.
- *SEC Approval Pending*: The SEC has yet to accept BlackRock's initial request for more ETFs for its Strategic Income Opportunities Fund. The commission's approval is necessary for the latest request.
- *Recent Developments*: BlackRock's spot Bitcoin ETF, IBIT, has emerged as the fastest-growing spot Bitcoin ETF, multiplying its BTC holdings by over 7,000% since its launch in January 2024.
Additionally, BlackRock has been actively pushing for a spot Ethereum ETF with US regulators, filing a Form S-1 application for its iShares Ethereum Trust in November 2023.
