[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"d4a1e6c8-6136-4bb2-9ca2-5efe898432a2","updated_at":"2024-05-29T03:34:47.395+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Big investors are ditching tradition and scooping up Bitcoin ETFs. BlackRock, a financial giant, is leading the charge. It's a downpour, showing traditional finance is ready to dive headfirst into crypto.","sapo":"Big investors like BlackRock are buying Bitcoin ETFs and getting approval for Ether ones. This move legitimizes crypto as an investment and shows traditional finance is embracing it.","title":"Financial Titans Embrace Crypto: BlackRock Leads the Bitcoin Charge","content":"

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Traditional finance is warming up to Bitcoin, with BlackRock leading the way. Regulatory filings reveal that BlackRock's income-focused funds, including the behemoth $37.4 billion Strategic Income Opportunities Fund, have been quietly accumulating shares of their own iShares Bitcoin Trust (IBIT) since the first quarter of 2024.

The BlackRock Strategic Income Opportunities Fund

Source: SEC

While these purchases represent a small percentage of the fund's overall holdings, they symbolize a significant change in traditional finance's perception of Bitcoin.

IBIT, according to BlackRock data, is a major player, boasting nearly $20 billion in Bitcoin and surpassing the long-standing Grayscale Bitcoin Trust.

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Over 600 US investment firms, encompassing giants like Morgan Stanley, JPMorgan, and Wells Fargo, alongside hedge funds like Millennium Management, have embraced spot Bitcoin ETFs since their January launch.

Collectively, these ETFs hold a staggering $68 billion worth of Bitcoin, representing a significant 5.1% of the total circulating supply. This surge in institutional interest underscores the growing legitimacy of Bitcoin as an investable asset class.

BlackRock's commitment to cryptocurrency goes deeper. They recently secured approval for a spot Ether ETF, awaiting final regulatory clearance before trading begins. This move not only positions them as a frontrunner in the burgeoning world of cryptocurrency investment but also opens up new avenues for investors seeking exposure to Ethereum, the second-largest cryptocurrency by market capitalization. BlackRock's actions aren't just a test, they're actively shaping cryptocurrency investment, lending credibility to the entire market and offering investors new ways to participate.

Founding and Rapid Growth (1988-1999): Founded in 1988, BlackRock quickly grew into a major asset manager, specializing in risk management and fixed income.

Acquisition of Merrill Lynch Investment Managers (2006): The acquisition of Merrill Lynch Investment Managers in 2006 nearly doubled BlackRock's assets under management and expanded its global reach.

Launch of iShares (2009): BlackRock's acquisition of Barclays Global Investors in 2009 included iShares, making it a leader in the ETF market.

Development of Aladdin (2000s-Present): BlackRock's Aladdin platform, developed in the early 2000s, became a comprehensive risk management and operations system widely used in the financial industry.

Leadership in Sustainable Investing (2018-Present): Since 2018, BlackRock has emphasized sustainable investing, integrating ESG factors and advocating for climate risk management in corporate practices.

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Financial Titans Embrace Crypto: BlackRock Leads the Bitcoin Charge

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