BlackRock Global Allocation Fund Reveals Major Bitcoin ETF Stake With 43,000 Shares
28 Junio 2024 - 12:00AM
NEWSBTC
In a recent filing with the US Securities and Exchange Commission
(SEC), the BlackRock Global Allocation Fund disclosed its ownership
of 43,000 shares of the asset manager’s Bitcoin ETF, iShares
Bitcoin Trust, as of April 30. This announcement follows two
previous filings by BlackRock on May 28, which disclosed the fund’s
exposure to Bitcoin in its Strategic Global Bond Fund and Strategic
Income Opportunities Portfolio. BlackRock Bitcoin ETF Investment
Plan The investment giant’s move towards Bitcoin integration became
evident in March when it submitted a filing to the SEC, expressing
its intention to include Bitcoin ETFs in its Global Allocation
Fund. BlackRock’s objective is to invest in Bitcoin ETFs that
directly hold BTC, aiming to mirror the performance of the digital
currency market. The company’s filing specified that the
Global Allocation Fund may acquire shares in exchange-traded
products (ETPs) that seek to reflect the price of Bitcoin by
directly holding the cryptocurrency. However, it clarified that
investments in Bitcoin ETPs will be limited to those listed and
traded on recognized national securities exchanges. Related
Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges
To 52% This initiative aligns with BlackRock’s broader investment
strategy for its Global Allocation Fund, a mutual fund designed to
diversify investors through a wide range of assets, including
equities, bonds, and potentially Bitcoin ETPs. With $17.8
billion in assets under management (AUM) and a year-to-date return
of 4.61% as of March 2024, the fund aims to capitalize on global
investment opportunities while effectively managing risk and
pursuing long-term capital growth and income. This marks the third
internal BlackRock fund to invest in Bitcoin through the iShares
Bitcoin Trust (IBIT) ETF. The Strategic Global Bond Fund, Strategic
Income Opportunities Portfolio, and now the Global Allocation Fund
have all recognized the potential of Bitcoin as an investment
asset. Bitcoin Price Analysis In the past 24 hours, Bitcoin
has shown resilience by reclaiming the $61,780 level after
experiencing a dip to as low as $58,000 on Monday. This recovery
suggests that the leading cryptocurrency is withstanding the
selling pressure it has encountered over the past week, indicating
a potential continuation of its halted uptrend. According to
technical analyst Ali Martinez, Bitcoin is forming an Adam &
Eve bottoming pattern, which could lead to a projected 6% increase
towards $66,000 if BTC maintains a candlestick close above the
$62,200 level. Furthermore, historical data indicates that July has
historically been favorable for Bitcoin’s price growth,
particularly in years of Halving. Analyzing the image above,
7 out of the previous 11 July months resulted in positive gains.
The green months, in particular, generated an impressive upside of
16.52%, while the red months experienced a downside of 6.99%.
Examining the performance of Bitcoin in the third quarter (Q3), the
data presents a more balanced picture. Out of the previous 11 Q3
periods, 5 were positive. Green Q3s, on average, produced a
significant upside of 33.52%, while red Q3s generated an average
downside of 16.023%. Related Reading: Chainlink (LINK) To Hit New
Highs? Analysts Predict $25 Target Whether historical price
performance will repeat itself, leading to price gains for BTC,
remains to be answered. If history were to repeat in this scenario,
it could potentially result in Bitcoin retesting its all-time high,
which reached $73,700 in March, potentially even surpassing
it. Featured image from DALL-E, chart from TradingView.com
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