BlackRock Wants to Add Bitcoin Spot ETF to Its Global Allocation Fund

BlackRock wants to add spot bitcoin exchange-traded funds (ETFs) to its Global Allocation Fund.

A filing with the US Securities and Exchange Commission (SEC) outlines the asset manager's intention to obtain exchange-traded products (ETPs) “that seek to generally reflect the price performance of bitcoin by holding bitcoin directly” .

BlackRock also says it will only acquire shares of bitcoin ETPs that are listed on national stock exchanges.

A new presentation from BlackRock this afternoon. As I've been saying, in the coming months we'll see a lot of this from Wall Street firms for their internal investment funds. As presented today by the BlackRock Global Allocation Fund:

“The Fund may acquire shares in…

— Macroscope (@MacroScope17) March 7, 2024

BlackRock's Global Allocation Fund, also known as MALOX, has $17.8 billion in assets under management, and the inclusion of spot bitcoin ETF assets in such benchmark funds would represent another big step toward broader mainstream adoption of bitcoin. as an investment asset.

BlackRock previously submitted an application to purchase bitcoin for its Strategy Income Opportunities Fund. He applicationfiled on March 4, has not yet obtained SEC approval.

Blackrock currently holds 187,531 btc for its iShares bitcoin Trust ETF.

SEC Remains Skeptical About bitcoin ETFs

The SEC remains hesitant to approve more cryptocurrency-related products after postponing a decision to approve options trading for spot btc ETFs. Approving such products would increase institutional interest in bitcoin.

SEC delays verdict on options trading for spot bitcoin ETFs, postponing decision until April 24.

The approval could pave the way for greater institutional investment in bitcoin.

—Moby Media (@mobymedia) March 8, 2024

The securities regulator said it needs more time to decide on requests made by Cboe Exchange and Miami International Securities Exchange to offer options on btc ETFs.

It has also rejected a decision that allowed NASDAQ to offer options on the BlackRock IBIT ETF. The final decision on these products is expected on April 24.

Despite the growing interest in crypto ETFs, SEC Chairman Gary Gensler has once again criticized bitcoin. comparing to a roller coaster in an interview with Bloomberg.

The SEC also recently delayed decisions on approving ethereum ETF spot applications made by BlackRock and Fidelity.

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