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BlackRock has filed a new application with the SEC to purchase additional Bitcoin ETFs, according to the commission’s new filing records. BlackRock plans to use a new Bitcoin ETF for its Global Allocation Fund.
The latest filing states: “The Fund seeks to generally reflect the performance of the Bitcoin price by holding Bitcoin directly, including shares in Bitcoin ETPs. We may acquire shares in an exchange traded product (“ETP”) (“Bitcoin ETP”). Sponsored by an affiliate of BlackRock. “The Fund will only invest in Bitcoin ETPs that are listed and traded on domestic stock exchanges.”
BlackRock’s current Spot BTC ETF is the best performing on the market, leading to a rally in Bitcoin ETFs. Last week was a record performance for all Bitcoin ETFs, with records being broken almost every day. Bitcoin has continued to perform well this week, hovering around $68,000 since the beginning of the week.
Also read: Bitcoin could reach $100,000 in 2024, Novogratz predicts
Earlier in the week, BlackRock also filed with the SEC to purchase additional Bitcoin ETFs for its Strategic Income Opportunities Fund. According to BlackRock, the Global Allocation Fund “seeks returns that are competitive with global equities across market cycles, with less risk.” Given the fund’s poor performance at the beginning of the year, BlackRock likely sees its Bitcoin investment as a way to compensate for poor performance. With the rise in Bitcoin prices and the growth of Bitcoin ETFs, BlackRock wants to make the fund an even more powerful product for its clients.
The SEC has not yet accepted BlackRock’s initial request to add an ETF for the SIO fund. It will now be up to the committee to approve the latest request to add more ETFs.
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