BlackRock Wants to Buy Spot Bitcoin ETFs for Global Allocation Fund

BlackRock, one of the world's largest asset managers, plans to buy bitcoin (BTC) exchange-traded funds (ETFs) for its Global Allocation Fund (MALOX).

According to an amendment to its March 7 filing with the United States Securities and Exchange Commission, BlackRock intends to include physically backed Bitcoin exchange-traded products (ETPs), or in other words, Bitcoin ETFs, as part of MALOX.

The updated filing notes that MALOX may buy BlackRock's own position Bitcoin ETF, iShares Bitcoin Trust (IBIT) and ETFs by other issuers:

“The Fund may acquire shares in ETPs that seek to mirror the performance of the price of Bitcoin in general, including shares of the Bitcoin ETP sponsored directly by Bitcoin – “Bitcoin ETPs”.

The fund will only invest in Bitcoin ETPs that are listed and traded on national securities exchanges, the filing said.

In the year Launched in 1989, the BlackRock Global Allocation Fund seeks investment returns through a fully managed investment policy using US and foreign equity, debt and money market securities of companies such as Microsoft, Apple and others. As of March 7, MALOX had $17.8 billion in assets under management.

Mallox isn't the only BlackRock fund that the company wants to take a position in Bitcoin ETFs. The updated SEC filing comes just days after BlackRock filed a similar filing update for Strategic Income Opportunities Fund (BSIIX) on March 4.

BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust, began trading on January 11, along with nine other U.S.-based Bitcoin ETFs.

Related: SEC pushes back on BlackRock, Fidelity spot Ethereum ETF proposals

IBIT turned out to be the fastest-growing Bitcoin ETF space, multiplying BTC holdings by more than 7,000%, from January 11 to 187,531 BTC, from 2,621 BTC to March 7, 2024. $12.6 billion.

In addition to the spot Bitcoin ETF, BlackRock has been actively pushing with US regulators for a spot Ether (ETH) ETF. In the year In November 2023, BlackRock filed a Delaware Class S-1 filing for the iShares Ethereum Trust.

Industry analysts and observers have been debating whether US financial watchdogs will allow spot ETH ETFs in 2024. For Bitcoin, it took more than 10 years for the SEC to support the ETF space in the United States.

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