BlackRock Global Allocation Fund disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC) that it held 43,000 shares of the asset manager’s Bitcoin ETF, iShares Bitcoin Trust, as of April 30.
Previously, BlackRock released two documents on May 28, disclosing the fund's investment in Bitcoin in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio.
BlackRock Bitcoin ETF Investment Plan
The investment giant’s moves toward Bitcoin integration were already evident in March of this year, when it filed a document with the U.S. Securities and Exchange Commission (SEC) expressing its intention to include a Bitcoin ETF in its Global Allocation Fund.
BlackRock aims to invest in a Bitcoin ETF that directly holds BTC and is designed to mirror the performance of the digital currency market.
The company’s filing specifies that the Global Allocation Fund can purchase shares of exchange-traded products (ETPs) designed to reflect the price of Bitcoin by directly holding the cryptocurrency. However, the company clarified that investments in Bitcoin ETPs will be limited to ETPs that are listed and traded on a recognized national securities exchange.
The move fits into the broader investment strategy of BlackRock’s Global Allocation Fund, a mutual fund that seeks to diversify investors across a variety of assets including stocks, bonds and potentially a Bitcoin ETP.
The fund, with $17.8 billion in assets under management (AUM) and a year-to-date return of 4.61% as of March 2024, seeks to capitalize on global investment opportunities while effectively managing risk and pursuing long-term capital growth and income.
This is BlackRock’s third internal fund to invest in Bitcoin through the iShares Bitcoin Trust (IBIT) ETF. The Strategic Global Bond Fund, the Strategic Income Opportunities Portfolio, and now the Global Allocation Fund have all recognized Bitcoin’s potential as an investment asset.
Bitcoin Price Analysis
Bitcoin has shown resilience over the past 24 hours, reclaiming the $61,780 level after falling to as low as $58,000 on Monday. This recovery suggests that the leading cryptocurrency is withstanding the selling pressure it encountered over the past week, indicating that its stalled uptrend could extend.
According to a technical analyst, Bitcoin is forming an Adam and Eve bottoming pattern and if BTC sustains a close above $62,200, it is expected to rise by 6% to $66,000.
Additionally, historical data shows that July has historically been favorable for Bitcoin’s price growth, especially in halving years.
Analyzing the above chart, 7 out of the first 11 July months achieved positive growth. Especially the green months, the increase was as high as 16.52%, while the red months fell by 6.99%.
Examining Bitcoin’s performance in the third quarter (Q3), the data presents a more balanced picture. Of the previous 11 Q3 periods, 5 were positive. The green Q3s produced a significant upside of 33.52% on average, while the red Q3s produced a downside of 16.023% on average.
Whether or not historical price performance will repeat itself, leading to a rise in BTC price, remains to be determined. If history repeats itself in this scenario, it could lead Bitcoin to retest its all-time high, which was reached at $73,700 in March, and possibly even surpass that level.#BTC☀ #贝莱德
