BUYING: Rumor has it that BlackRock has found a way of accumulating BITCOIN ETF under the radar KossyDerrickBlog KossyDerrickEnt

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Thursday, June 15, 2023

BUYING: Rumor has it that BlackRock has found a way of accumulating BITCOIN ETF under the radar

Rumor has it that BlackRock has found a way of accumulating Bitcoin under the radar.

A company filing shows that the move enables BlackRock to allocate part of the fund’s $15 billion to cash-settled bitcoin futures traded on commodity exchanges registered with the CFTC.

Global Allocation Fund adopts a fully managed investment policy utilizing U.S. and foreign equity, debt and money market securities, the combination of which are varied from time to time in response to economic trends. In normal market conditions, the primary fund invests at least 70% of its total assets in the securities of corporate and governmental issuers. Based on its past performance, it delivered a 5-year annualized total return of 10.35%, and ranks in the top third among its category peers.

“The Fund may invest in cash-settled bitcoin futures that are traded on commodity exchanges registered with the Commodity Futures Trading Commission,” the filing states.

BlackRock, the world's biggest asset manager, is close to filing an application for a Bitcoin ETF (exchange traded fund), according to a person familiar with the matter.
BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the person said. Coinbase declined to comment.

It wasn't clear if the ETF will be spot or futures. BlackRock did not immediately respond to requests for comment.
To date, the Securities and Exchange Commission (SEC), which oversees ETFs in the U.S., has rejected every application for a spot bitcoin ETF, though it has approved several bitcoin futures ETFs for trading.

Back then, Fink, who has grown BlackRock into the world’s largest money-management corporation, dismissed bitcoin as nothing more than a vehicle for speculation and money laundering.

The world’s largest asset manager launched a blockchain-focused ETF in April that provides investors with exposure to the crypto and blockchain industry. The company added the Blockchain and Tech ETF (IBLC) to its iShares product line.

BlackRock had inked a partnership deal with the prime brokerage arm of US popular exchange, Coinbase. The collaboration is, however, limited to bitcoin and will allow BlackRock’s institutional clients to have access to crypto trading, custody, prime brokerage, and reporting via Coinbase Prime. The clients are also able to manage their bitcoin and conduct risk analysis using BlackRock’s software suite Aladdin.

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