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SEC filings reveal that BlackRock invested $4.1 million in Bitcoin ETF shares, integrating them into its income and bond funds.
Cryptocurrency Market: BlackRock's Strategic Entry
BlackRock, a prominent asset manager, has made a significant move in the cryptocurrency market. It reportedly added $4.1 million worth of spot Bitcoin ETF shares to two of its funds, as reported in SEC filings dated May 28. This move is noteworthy as it signals BlackRock's growing interest in cryptocurrency.
The asset manager added $3.6 million worth of iShares Bitcoin Trust (IBIT) shares to the BlackRock Strategic Income Opportunities Portfolio (BSIIX) and $486,000 worth of IBIT shares to the BlackRock Strategic Global Bond Fund (MAWIX).
Breakdown of Bitcoin ETF Investments
According to Cointelegraph, the IBIT shares, though a small fraction, are a significant addition to the investment portfolios of BSIIX and MAWIX, valued at $37.4 billion and 776.4 million, respectively. IBIT presently holds Bitcoin worth $19.61 billion, as per data from BlackRock dated May 24.
It is only $19.76 billion behind the converted Grayscale Bitcoin Trust (GBTC).
Due to its diverse investments in IBIT, BlackRock is in the same position as several third parties that acquired shares of the spot Bitcoin ETF in the first quarter. As of May 28, Fintel data indicates that a minimum of 422 companies have revealed their IBIT holdings.
Based on a recent statement by Bloomberg ETF analyst Eric Balchunas regarding the hundreds of investors in spot Bitcoin ETFs, "even having 20 holders" is significant for new ETFs, according to Cryptoslate. IBIT is the most widely used spot ETF, comprising approximately 50% of the 929 companies that disclosed investments during the initial quarter.
Widespread Adoption of Bitcoin ETFs
Since their introduction in January, the popularity of spot Bitcoin ETFs has been on the rise. Recent SEC filings reveal that over 600 US investment firms have joined and purchased these ETFs.
The appeal of Bitcoin funds is not limited to a specific sector. A diverse range of companies, including financial giants like Morgan Stanley, JPMorgan, Wells Fargo, BNP Paribas, and UBS, and hedge funds such as Schonfeld Strategic Advisors and Millennium Management, have joined the trend.
