BlackRock, with $8.7 trillion in assets, invested in Bitcoin futures

BlackRock Global Allocation Fund, managed by BlackRock, added Bitcoin futures traded on the Chicago Mercantile Exchange to its portfolio. This is evidenced by the filing with the U.S. Securities and Exchange Commission.

According to the document, 37 contracts expiring on March 26 accounted for 0.14% of the fund’s net assets (about $25.43 billion); unrealized gains stood at $360,458. Each futures contract is equivalent to five Bitcoins.

BlackRock did not rule out adding derivatives tied to Bitcoin to its funds.

In February, chief investment officer Rick Rieder stated that the fund began to gradually get involved in cryptocurrencies.

In 2018, BlackRock CEO Larry Fink said there was no client interest in cryptocurrencies. However, he later suggested that the cryptocurrency market will become global.

In November 2020, BlackRock’s chief investment officer Rick Rieder acknowledged Bitcoin’s advantage over gold.

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