BlackRock’s Global Allocation Fund increased its Spot Bitcoin ETF (IBIT) holdings by 38.4% in the second quarter, according to a September 26th SEC filing.
As of July 31, the diversified fund had held $66.4 million in shares, up from 723,332 shares on April 30.
The addition of 277,476 shares represents the fund’s return to Bitcoin allocation after reducing exposure earlier this year.
Year-over-year growth indicates an accelerated adoption of Bitcoin within BlackRock’s portfolio management. The fund has held 198,874 IBIT shares as of July 31, 2024, representing a 403% increase over the past 12 months.
Targeting the 1%-2% range
IBIT accounts for 0.4% of the Global Allocation Fund’s $17.1 billion assets, up 62.5% from its 0.25% allocation recorded in the first quarter.
The current weight has grown significantly from the 0.1% position held in October 2024.
On February 28, BlackRock recommended a 1% to 2% Bitcoin allocation as a “rational range” for its model portfolio, placing the Global Allocation Fund below its target range.
Recent increases demonstrate this movement towards this recommended level of exposure through progressive and careful accumulation.
The Global Allocation Fund invests in US and international equities, debt securities, money market instruments, and other short-term assets. The composition of the portfolio varies regularly depending on market conditions and investment opportunities.
BlackRock launched IBIT in January 2024 as part of the first wave of spot Bitcoin ETFs approved by the Securities and Exchange Commission. As of September 25th, the fund has the largest Bitcoin ETF, with a cumulative net flow of nearly $61 billion.
The Global Allocation Fund’s systematic approach to Bitcoin allocation identifies an institutional investment strategy for crypto exposure.
BlackRock continues to build its position towards recommended portfolio weighting, managing volatility through gradual accumulation.
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