According to CoinDesk, BlackRock, the $9.1 trillion asset manager, has revealed plans to purchase spot bitcoin exchange traded products (ETPs) for its Global Allocation Fund. The firm submitted an updated filing with the Securities and Exchange Commission (SEC) on Thursday. Spot bitcoin exchange traded funds (ETFs) approved in January have been successful compared to the broader ETF market, with BlackRock's iShares Bitcoin Trust (IBIT) holding the record for the most daily inflows.
The $18 billion AUM Global Allocation Fund filing states that BlackRock may acquire its own IBIT product as well as other bitcoin ETPs. The filing said, "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. The Fund will only invest in Bitcoin ETPs that are listed and traded on national exchanges." Earlier this week, BlackRock filed to incorporate spot bitcoin ETPs into its $36.7 billion AUM Strategic Income Opportunities Fund. BlackRock did not immediately respond to requests for comment.
