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BlackRock to add Bitcoin as eligible investment to two funds

BlackRock is adding Bitcoin futures as an eligible investment to two funds, a company filing showed, in a move to bring the world of cryptocurrency to its clients.

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

The funds will invest only in cash-settled Bitcoin futures traded on commodity exchanges registered with the Commodity Futures Trading Commission, the company said in a filing to the Securities and Exchange Commission on Wednesday (Jan 20).

Chief executive officer Larry Fink had said at the Council of Foreign Relations in December that Bitcoin is seeing big giant moves every day and could possibly evolve into a global market.

Earlier this month, Bitcoin, the world’s most popular cryptocurrency, hit a record high of US$40,000 (S$52,950), rallying more than 900 per cent from a low in March and having only just breached US$20,000 in mid-December.

But its torrid rally lost more steam this week, with the cryptocurrency lying below its 10-day moving average and falling for a second straight day on Thursday.

It down as much as 8.4 per cent over a two-day slide and was trading at US$34,670 as of 6:38am in London, according to price data consolidated by Bloomberg. The wider Bloomberg Galaxy Crypto Index dropped about 1 per cent.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin36,975 1.00 % 3.68 % 19.55 %
Ethereum2,192.7 1.09 % 5.80 % 20.15 %
Tether1.000 1.29 % 0.13 % 0.10 %
Binance Coin302.93 0.95 % 6.11 % 7.33 %
Cardano1.240 1.01 % 8.09 % 9.50 %
XRP0.6235 0.84 % 6.38 % 11.31 %
USD Coin1.000 0.35 % 0.24 % 0.06 %
Dogecoin0.2010 0.99 % 10.89 % 16.29 %
Polkadot13.75 0.81 % 7.97 % 19.12 %
Binance USD1.000 0.88 % 0.60 % 0.03 %

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