The world's largest asset management company, BlackRock, is seeking to form a partnership with hedge fund giant Millennium Management, a company regarded as the "King of ETF" due to its large investments in Bitcoin ETF funds.
There have been reports that BlackRock, the world's largest asset management company with $11.5 trillion in assets under management, is seeking to form a merger partnership with Millennium Management, one of the highest-performing hedge fund providers.
According to the Financial Times, based on knowledgeable sources who wish to remain anonymous, negotiations between the two companies are still in the early stages and may not lead to an agreement.
Millennium Management has built a reputation with the large trades they have executed, particularly in Bitcoin ETF funds. While the total amount invested in ETFs on May 16 was only $12 billion, Millennium alone accounted for $2 billion of that figure. Bloomberg's recent ETF analyst, Eric Balchunas, described Millennium as the "King of Bitcoin ETF."
It is unclear whether this desire for harmonious cooperation has been communicated to the Bitcoin ETF investments of B Millennium. According to reports, if the company is a partner in a share sale to BlackRock, this would be the first external investment in the 35-year history of Millennium.
Millennium, led by 76-year-old Izzy Englander, has 5,900 employees and manages about $70 billion in assets.
BlackRock CEO Larry Fink has identified alternative investments as the excellence that will be generated because they have higher returns than traditional investment funds. With these developments, BlackRock has acquired Global Infrastructure Partners and alternative data providers Preqin, and has also partnered with private credit firm HPS.