BlackRock Files To Purchase Bitcoin ETFs for Global Allocation Fund

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What’s BlackRock’s ETF Approval Record With The SEC?
Source: TechStory

BlackRock has opened a new filing with the SEC to purchase more Bitcoin ETFs, according to new filing records by the commission. BlackRock intends to use the new Bitcoin ETFs for its Global Allocation Fund.

The latest filing reads: “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 ETPs”), including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock.” It adds, “The Fund will only invest in Bitcoin ETPs that are listed and traded on national securities exchanges.”

BlackRock’s current Spot BTC ETF is the best-performing one on the market, leading to the surge for Bitcoin ETFs. Last week was a record-breaking performance for all Bitcoin ETFs, seeing record after record broken almost every day. Bitcoin continues to perform this week, hovering around $68,000 since the start of the week.

BlackRock has opened a new filing with the SEC to purchase more Bitcoin ETFs for its Global Allocation Fund, according to new filing records.
Source: CryptoSlate

Also Read: Bitcoin Could Hit $100,000 in 2024, Says Novogratz Predicts

At the beginning of the week, BlackRock also applied with the SEC to purchase more Bitcoin ETFs for its Strategic Income Opportunities Fund. The Global Allocation fund “seeks returns competitive with global stocks over market cycles but with less risk,” according to BlackRock. Since the fund underperformed to begin the year, BlackRock likely sees Bitcoin investing as a way to make up for lackluster performance. With Bitcoin’s price surging and the growth of Bitcoin ETFs, BlackRock hopes to make the fund a stronger product for its clients.

The SEC has yet to accept BlackRock’s initial request for more ETFs for its SIO Fund. It is up to the commission to approve the latest request for more ETFs.