Institutional Adoption
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BlackRock, a global asset management firm of considerable scale, is preparing to invest in spot Bitcoin exchange-traded funds (ETFs) for its Global Allocation Fund (MALOX).
As indicated in a March 7 filing update with the United States Securities and Exchange Commission, BlackRock aims to integrate physically backed Bitcoin exchange-traded products (ETPs), commonly referred to as spot Bitcoin ETFs, into MALOX.
The revised filing highlights MALOX's intention to potentially acquire BlackRock's own spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), alongside ETFs from other issuers. It states:
“The fund may obtain shares in ETPs designed to track the overall performance of Bitcoin's price by directly holding bitcoin — termed ‘Bitcoin ETPs’ — including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock."
The filing emphasizes that the fund will exclusively invest in Bitcoin ETPs listed and traded on national securities exchanges.
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