BlackRock to add bitcoin as a qualifying investment to two funds

BlackRock Inc is adding bitcoin futures as a qualifying investment to two funds, a company filing showed, in an effort to bring the world of cryptocurrency to its clients.

GET FOX BUSINESS GOING CLICKING HERE

The world’s largest asset manager said it could use bitcoin derivatives for its BlackRock Strategic Income Opportunities funds and BlackRock Inc. Global Allocation Fund.

The funds will only invest in cash-settled bitcoin futures on commodity exchanges registered with the Commodity Futures Trading Commission, the company said in a filing to the Securities and Exchange Commission on Wednesday.

Ticket Security Last Change Change%
BLK BLACKROCK INC. 735.15 -6.85 -0.92%

CEO Larry Fink had said at the Foreign Relations Council in December that bitcoin was seeing huge huge movements every day and could potentially evolve into a global market.

Earlier this month, Bitcoin, the world’s most popular cryptocurrency, hit an all-time high of $ 40,000, rallying more than 900% from a low in March and just breaking $ 20,000 in mid-December.

CLICK HERE TO READ MORE ON FOX BUSINESS

A spokesman for BlackRock declined to comment beyond the filing when contacted by Reuters.

(Reporting by Radhika Anilkumar and Bhargav Acharya in Bengaluru; Editing by Arun Koyyur)

Source