BlackRock Financial Management has increased the number of its bitcoin futures contracts since the first quarter of 2021, according to a filing with the U.S. Securities and Exchange Commission (SEC).
As of July 31, the BlackRock Global Allocation Fund included 54 bitcoin futures contracts issued through the Chicago Mercantile Exchange (CME), according to a filing with the U.S. SEC on Tuesday. Those contracts, which expired on Aug. 27, were worth $10.8 million, an appreciation of $369,137.
Bitcoin futures are yielding about 0.00138% of the BlackRock Global Allocation Fund, which stands at 8.91 BTC at the time of writing. The firm has total assets under management of $9.5 trillion.
The investment comes after BlackRock Chief Information Officer Rick Rieder said earlier this year that the firm had "started getting into" cryptocurrencies. However, the firm’s chief executive, Larry Fink, said in July that the firm saw “very little demand” for cryptocurrencies from investors.
Before investing in bitcoin futures, BlackRock gained exposure to bitcoin indirectly through its stake in business intelligence firm MicroStrategy. The investment firm also mentioned bitcoin in two prospectuses filed with the U.S. SEC in January, suggesting it would explore the use of cryptocurrency derivatives.
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