The latest N-PORT filing from BlackRock submitted to the SEC shows that the Global Allocation Fund currently holds 38.7 million shares of the iShares Bitcoin Trust ETF. The current market value of this investment is 17.2 million USD, compared to a cost basis of 10.4 million USD. This investment represents 0.1% of the fund's total assets of 17.1 billion USD but marks a 38% increase compared to the previous quarter.
This increase in holdings comes after the U.S. approved a spot Bitcoin ETF in January 2024, paving the way for institutional investors interested in Bitcoin. In the same month, BlackRock launched its iShares Bitcoin Trust, solidifying its position in the emerging Bitcoin ETF market. This move reflects BlackRock's confidence in cryptocurrency as part of a diversified investment portfolio, while also showcasing the trend of traditional financial institutions integrating digital assets into conventional fund structures.
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