• American multinational investment management company, BlackRock has added Bitcoin to its Global Allocation Fund.
• BlackRock has over $10 trillion in assets under management and their addition to the firm’s primary fund is considered a bullish move for the crypto industry.
• The company partnered with publicly traded exchange Coinbase Global Inc back in August to offer institutional investors a direct avenue to invest in Bitcoin.
American multinational investment management company, BlackRock, has made a landmark move to add Bitcoin (BTC), the world’s largest digital currency by market capitalization, to its Global Allocation Fund. This is a significant step, as it is estimated that only 0.32% of the company’s $10 trillion in assets under management (AUM) is enough to buy all Bitcoin kept on exchanges, which signals the growing interest among institutional investors.
BlackRock, which is headquartered in New York, has long been considered a major player in the investment management world. The firm has been making strategic moves in the crypto space for some time, with its foray into the Bitcoin sector being the latest.
The company partnered with publicly-traded exchange Coinbase Global Inc. in August of last year, allowing institutional investors to invest directly in Bitcoin. This move showed that BlackRock was serious about its foray into crypto and was looking to expand its presence in the space.
In addition, the company has also made some strategic investments in Bitcoin-related companies and offerings. For example, in January 2021, BlackRock purchased shares of the Grayscale Bitcoin Trust, which tracks the price of Bitcoin. This is another indication of BlackRock’s commitment to the crypto sector and its willingness to invest in companies that are at the forefront of the space.
With BlackRock’s addition of Bitcoin to its Global Allocation Fund, the firm is sending a clear message to the market that it has confidence in the cryptocurrency sector and will be investing in it moving forward. This is a huge step forward for the crypto industry and could be a sign of more institutional investors looking to get involved in the sector.
The move also signals that BlackRock is looking to capitalize on the growth potential of the cryptocurrency sector. With the addition of Bitcoin to its Global Allocation Fund, the firm is positioning itself to gain exposure to the digital asset class and benefit from any potential upside. This could be a major catalyst for the crypto industry in the long run, as more institutional investors become involved in the space.
Overall, BlackRock’s addition of Bitcoin to its Global Allocation Fund is a major milestone for the crypto industry. It signals that the firm has faith in the sector’s potential, and it could be a sign of more institutional investors getting involved in the space. This could be a major catalyst for the industry in the long run, as more institutional money flows into the sector.