BlackRock Global Allocation Fund has filed with the US Securities and Exchange Commission. disclosed Its ownership of 43,000 Bitcoin ETF shares, iShares Bitcoin Trust by the asset manager, was as of 30 April.
BlackRock’s announcement on this day follows the two filings it made in May, which revealed that its Strategic Global Bond Fund (SGF) and Strategic Income Opportunity Portfolio (SIP) had Bitcoin exposure.
BlackRock Bitcoin ETF Investment Plan
In March, the investment giant made its move to integrate Bitcoin into their system. submitted a filing The Global Allocation Fund sent a letter to the SEC expressing their intention to add Bitcoin ETFs to its Global Allocation Fund.
BlackRock’s goal is to directly invest in Bitcoin ETFs, which hold BTC. This will mirror the performance on the digital currency markets.
In its filing, the company stated that it may purchase shares of exchange-traded funds (ETPs), which seek to mirror the price for Bitcoin directly by holding cryptocurrency. It clarified however that investments incryptocurrencies are not allowed. Bitcoin ETPs The list of securities that can be traded will only include those on the recognized national stock exchanges.
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This initiative fits in with BlackRock’s Global Allocation Fund. It is a fund that diversifies investors via a range of assets including stocks, bonds and possibly Bitcoin ETPs.
There are $17.8 trillion in assets under management Funds with a minimum of $500,000 (AUM), and an annualized return of 4.61 percent as of March 20, 2024 are designed to take advantage of global opportunities for investment, manage risk effectively, and pursue long-term growth in capital and income.
BlackRock’s Global Allocation Fund is the third BlackRock fund in which Bitcoin has been invested through the iShares Bitcoin Trust ETF. Strategic Global Bond Funds and Strategic Income Opportunities Portfolio are now joining the Global Allocation Fund in recognizing the investment potential of Bitcoin.
Bitcoin Price Analysis
Bitcoin showed resilience in the past day by recovering the $61,780 mark after falling to $58,000 as recently as Monday. This indicates that Bitcoin is still the most popular cryptocurrency. selling pressure It has experienced over the last week indicates a possible continuation of its stopped uptrend.
According to technical analyst Ali Martinez, Bitcoin is forming an Adam & Eve bottoming pattern, which could lead to a projected 6% increase towards $66,000 if BTC maintains a candlestick close above the $62,200 level.
Historically, July is a favorable month for Bitcoin price increases, especially in the years following the Halving.
According to the above image, seven of the 11 previous July months had positive results. In particular, the green months generated a 16.52% increase, whereas the red ones experienced a decline of 6.99%.
Then, you can examine the performance The data shows a much more balanced view of Bitcoin during the third quarter. Five of the 11 previous Q3s were positive. The average green Q3 produced a 33.52% significant increase, while red ones generated an average decline of 16.023%.
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It remains to be seen if the historical performance of BTC will lead to a repeat, resulting in price increases. In this case, if history repeats itself, Bitcoin could possibly reach its previous high of $73,700, or even exceed it.
Chart from TradingView.com, image from DALLE
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Source: www.newsbtc.com