BlackRock seeks to purchase more Bitcoin ETFs

2024-03-05 00:27:06

Investment giant BlackRock has filed a new application with the U.S. Securities and Exchange Commission (SEC) to buy more Bitcoin (BTC) ETFs.

According to an updated filing on the regulator’s website, BlackRock wants to buy more Bitcoin ETFs for its Strategic Income Opportunities Fund.

“The Fund may acquire shares in exchange-traded products (“ETPs”) that seek to reflect generally the performance of the price of bitcoin by directly holding bitcoin (“Bitcoin ETPs”), including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock.”

BlackRock filing

BlackRock’s fund, listed under the ticker symbol IBIT, is currently considered the best-performing fund on the market. It accounts for about half of the total trading volume of spot BTC-ETFs on the market. According to data from March 5, BlackRock IBIT’s trading volume reached $2.4 billion, and assets under management (AUM) exceeded $11 billion.

The fate of an Ethereum (ETH) ETF remains unknown. On March 4, the SEC again postponed its decision on the application for the issue of Ethereum-ETF, submitted by BlackRock in November 2023. The commission said it would conduct further analysis of the proposed rule change to determine whether it complies with the Securities Act, which, among other things, establishes national exchange rules on securities.

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