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BlackRock is adding spot Bitcoin ETFs to its Global Allocation Fund.
The filing by the US Securities and Exchange Commission (SEC), outlines the asset managers’ intent to obtain exchange-traded product (ETPs). “that seek to reflect generally the performance of the price of Bitcoin by directly holding Bitcoin.”
BlackRock has also stated that it will only buy shares in Bitcoin ETPs which are listed on national exchanges.
BlackRock filed a new filing late this afternoon. In the next few months, Wall Street firms will be filing a great deal of these documents for their in-house funds. BlackRock Global Allocation Fund has filed a report today.
“The Fund may acquire shares in…
— MacroScope (@MacroScope17) March 7, 2024
BlackRock’s Global Allocation Fund also known as MALOX holds $17.8billion in assets. Inclusion of spot Bitcoin ETF assets into such benchmark funds could be another big step in the adoption of Bitcoin by the mainstream.
BlackRock has filed a previous application to buy Bitcoins for the Strategy Income Opportunities Fund. BlackRock previously filed to buy Bitcoin for its Strategy Income Opportunities Fund. applicationThe SEC has yet to approve the, which was filed on March 4.
Blackrock currently owns 187,531 BTC as part of its iShares Bitcoin Trust.
SEC Still Remains Skeptical of Bitcoin ETFs
The SEC has resisted approving more crypto products, after delaying the decision to approve spot BTC ETFs. Approving such products would increase institutional interest in Bitcoin.
SEC defers its decision on the trading of Bitcoin ETFs with options until April 24, 2019.
This approval could increase institutional investment into Bitcoin.🔍
— Moby Media (@mobymedia) March 8, 2024
The Securities regulator has said that it will take more time before deciding on applications from the Cboe Exchange, the Miami International Securities Exchange and other exchanges to offer BTC ETFs.
Also, it has pushed back a ruling allowing NASDAQ options on BlackRock’s IBIT ETF. The final decision regarding these products will be made on April 24, 2019.
Gary Gensler of the SEC has criticised Bitcoin once more, despite growing interest in cryptocurrency ETFs. likening It was a rollercoaster, according to an interview conducted by Bloomberg.
Recent delays in the SEC’s decision to approve spot Ethereum ETFs by BlackRock and Fidelity are also a concern.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com