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BlackRock, the world’s largest asset manager, has revealed plans to include spot Bitcoin exchange-traded funds (ETFs) in its Global Allocation Fund. This decision underlines BlackRock’s belief in Bitcoin’s value, as it seeks to reflect Bitcoin’s price performance directly by holding Bitcoin ETPs, including those sponsored by BlackRock affiliates. The move comes amidst the burgeoning success of BlackRock’s iShares Bitcoin Trust (IBIT), which saw unprecedented inflows and now manages $12.7 billion in Bitcoin, especially after Bitcoin’s price soared past $69,000. Not stopping at Bitcoin, BlackRock is also eyeing the launch of a spot Ethereum ETF, signaling its broader commitment to cryptocurrency. This strategic inclusion in BlackRock’s portfolio, alongside its existing and potential future crypto offerings, hints at an increasingly crypto-friendly stance within the mainstream financial sector, possibly setting a precedent for other large institutions.
