BlackRock Wants To Add Spot Bitcoin ETFs To Its Global Allocation Fund

Updated: 08 March 2024

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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 intent to get exchange-traded products (ETPs) “that seek to reflect generally the performance of the price of Bitcoin by directly holding Bitcoin.”

BlackRock also says it will only acquire shares in Bitcoin ETPs that are listed on national securities exchanges.

A new filing by BlackRock late this afternoon. As I've been saying, you're going to see a lot of this in coming months from Wall Street firms for their in-house investment funds. As filed 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, holds $17.8 billion in assets under management, and the inclusion of spot Bitcoin ETF assets in such benchmark funds would represent another huge stride towards the broader mainstream adoption of Bitcoin as an investment asset.

BlackRock previously filed to buy Bitcoin for its Strategy Income Opportunities Fund. The application, filed on March 4, is yet to get approval from the SEC.

Blackrock currently holds 187,531 BTC for its iShares Bitcoin Trust ETF.

SEC Remains Skeptical Of Bitcoin ETFs

The SEC remains hesitant to approve more crypto-related products after postponing a decision to approve options trading for spot BTC ETFs. Approving such products would boost institutional interest in Bitcoin.

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

Approval could pave the way for increased institutional investment in Bitcoin.🔍

— Moby Media (@mobymedia) March 8, 2024

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

It has also pushed back a decision allowing NASDAQ to offer options on the BlackRock IBIT ETF. The final decision on these products is expected on April 24.

Despite growing interest in crypto ETFs, SEC chair Gary Gensler has once again criticized Bitcoin, likening it to a rollercoaster in an interview with Bloomberg.

The SEC also recently delayed decisions on the approval of spot Ethereum ETF applications made by BlackRock, and Fidelity.