BlackRock, a leading global asset manager, is making plans to acquire spot Bitcoin exchange-traded funds (ETFs) for its Global Allocation Fund (MALOX). According to an update filed with the United States Securities and Exchange Commission on March 7, BlackRock intends to include physically backed Bitcoin exchange-traded products (ETPs) in MALOX, also known as spot Bitcoin ETFs. The filing specifies that MALOX will invest only in Bitcoin ETPs that are listed and traded on national securities exchanges.
The BlackRock Global Allocation Fund, launched in 1989, aims to generate investment returns through a fully managed investment policy that utilizes U.S. and foreign equity, debt, and money market securities. Notable companies included in the fund’s portfolio are Microsoft and Apple. As of March 7, MALOX had assets under management totaling $17.8 billion.
BlackRock’s interest in spot Bitcoin ETFs extends beyond MALOX. The company submitted a similar filing update for its Strategic Income Opportunities Fund (BSIIX) on March 4. BlackRock’s iShares Bitcoin Trust, a spot Bitcoin ETF, began trading on January 11, along with nine other spot Bitcoin ETFs in the United States.
The iShares Bitcoin Trust has experienced significant growth, increasing its BTC holdings by over 7,000% from January 11 to March 7, 2024. The trust held 2,621 BTC on its debut and now holds 187,531 BTC, worth $12.6 billion.
In addition to spot Bitcoin ETFs, BlackRock has also been actively pursuing the approval of a spot Ether ETF with U.S. regulators. In November 2023, the company filed a Form S-1 application for its iShares Ethereum Trust with Delaware’s Division of Corporations. Analysts and observers are debating whether U.S. financial regulators will approve the launch of a spot ETH ETF in 2024. It took over a decade for the SEC to approve a spot Bitcoin ETF in the United States.
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