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March 8, 2024BlackRock wants to buy spot Bitcoin ETFs for global allocation fund
BlackRock, a leading global asset manager, intends to purchase spot Bitcoin exchange-traded funds (ETFs) for its Global Allocation Fund (MALOX), according to recent filings with the United States Securities and Exchange Commission (SEC).
BlackRock plans to incorporate physically backed Bitcoin exchange-traded products (ETPs), also known as spot Bitcoin ETFs, into MALOX. The filing specifies that MALOX may invest in BlackRock’s iShares Bitcoin Trust (IBIT) as well as ETFs from other issuers that reflect Bitcoin’s price performance.
The fund will only consider Bitcoin ETPs listed and traded on national securities exchanges, as outlined in the filing.
Established in 1989, MALOX aims to generate investment returns through a managed investment policy involving U.S. and foreign equity, debt, and money market securities. As of March 7, MALOX held $17.8 billion in assets under management.
Expansion of Bitcoin Holdings:
BlackRock’s interest in spot Bitcoin ETFs extends beyond MALOX, as evidenced by a similar filing update for its Strategic Income Opportunities Fund (BSIIX) submitted on March 4.
IBIT, BlackRock’s spot Bitcoin ETF, has experienced significant growth since its trading debut on January 11. Its Bitcoin holdings surged from 2,621 BTC to 187,531 BTC by March 7, 2024, representing a staggering increase of over 7,000%.
Spot Ether ETF Pursuit:
In addition to Bitcoin, BlackRock has actively pursued the launch of a spot Ether ETF with U.S. regulators. The company filed a Form S-1 application for its iShares Ethereum Trust in November 2023.
Observers speculate on the approval prospects for a spot Ether ETF in 2024, reminiscent of the lengthy process preceding the approval of a spot Bitcoin ETF by the SEC, which took over a decade.
