After Blackrock, the world’s largest asset manager, indicated it wanted to get involved in bitcoin, it has just announced its first investment in the crypto asset. Blackrock, through its Global Allocation Fund, owned 37 bitcoin futures contracts worth $6.15 million, according to a filing the asset manager made with the Securities and Exchange Commission (SEC) on December 31. March.
According to a report, the contracts were signed on 26. March expired, have already experienced an increase in value of approximately $360,458. Meanwhile, with this modest investment in bitcoin futures, SEC filings prove that the senior asset manager acted on his promise to invest in the crypto asset.
The total number of 37 contracts represents approximately 0.03% of the Company’s total Global Distribution Fund. Earlier this year, a post on Bitcoin.com quoted Rick Reeder, CIO of Blackrock, as saying that his organization had started looking at bitcoin. After filing with the Securities and Exchange Commission, Blackrock officially confirmed its price for the crypto asset.
At the same time, Blackrock, which has about $9 trillion in assets under management (AUM), also increased its indirect exposure to crypto assets with this filing. Before filing with the SEC, Blackrock bought more than 1 million shares of Class A common stock in Nasdaq-listed Microstrategy, one of the first major companies to add bitcoin to its balance sheet.
According to Russ Koesterich, CEO of Blackrock, Blackrock has talked a lot about the benefits of bitcoin in recent months: The ability of gold to protect against inflation has been somewhat overestimated. And despite the volatility of crypto assets, Reeder, head of investments for global fixed income at Blackrock, noted that people are looking for value storage.
What do you think of Blackrock’s investment in BTC futures? Tell us what you think in the comments below.
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