BlackRock Adds Bitcoin to Its $15 Trillion Global Allocation Fund

Bullet Points
• American investment firm BlackRock has added Bitcoin to its $15 trillion Global Allocation Fund
• With this move, BlackRock can scoop up all BTC on exchanges with just 0.32% of the assets it has under management
• BlackRock has also made moves to solidify its growing interests in the crypto asset class and sector by partnering with publicly traded exchange Coinbase Global Inc

American investment firm BlackRock has announced that it has added Bitcoin to its $15 trillion Global Allocation Fund. This is a significant move for the crypto industry, as BlackRock’s massive asset base of over $10 trillion makes it the world’s largest investment firm. With this move, BlackRock can scoop up all Bitcoin (BTC) on exchanges with just 0.32% of the assets it has under management.

The news of BlackRock’s move into Bitcoin comes as the cryptocurrency industry continues to gain traction among institutional investors. The pioneering cryptocurrency has seen a surge in interest from Wall Street, with MicroStrategy Incorporated, a business intelligence and software firm, having acquired over 132,500 Bitcoin units.

BlackRock has also made significant moves to solidify its growing interests in the crypto asset class and sector. In August last year, the New York-based firm partnered with publicly traded exchange Coinbase Global Inc to offer institutional investors a direct avenue to invest in Bitcoin. The firm has also teamed up with other financial services firms such as Fidelity Investments and JPMorgan Chase to build up its presence in the crypto industry.

The addition of Bitcoin to BlackRock’s Global Allocation Fund is undoubtedly a bullish move for the cryptocurrency industry and could bring in more institutional investors to the space. With BlackRock’s move, the crypto market could soon see a surge in activity from Wall Street, as the firm’s massive asset base makes it a major player in the industry.