BlackRock, the world’s largest asset management company, has added Bitcoin to one of the fund products often preferred by investors making safer investments. BlackRock Global Allocations Fund, which now includes Bitcoin in the fund, actively invests in stocks, government bonds and short-term securities of large companies globally.
Most of the investments go to government or corporate bonds due to their low risk. According to the statement, BlackRock will turn to futures products traded on commodity exchanges instead of buying Bitcoin directly from the spot market.
With this move, BlackRock became one of the first asset managers to include BTC among large-scale mutual funds. BlackRock’s global allocation fund, which manages nearly 10 trillion dollars in assets, is 15 billion dollars. The Bitcoin move by the world’s largest asset manager could pave the way for more mutual funds to add cryptocurrencies to their portfolio in the future.
Source: https://www.trustnodes.com/2023/01/04/blackrock-adds-bitcoin-to-their-global-allocation-fund
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