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What to Know:
- BlackRock increases bitcoin exposure
- Institutional ownership of IBIT rises
- Bitcoin price surpasses $91,000
BlackRock’s Strategic Income Opportunities Portfolio has expanded its investment in bitcoin by purchasing additional shares of the iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF), according to a recent SEC filing. As of September 30, the portfolio held 2,397,423 IBIT shares, valued at $155.8 million, representing a 14% increase from the 2,096,447 shares reported at the end of June. This move is notable, given the fund’s flexible mandate, which allows it to invest in non-traditional assets such as ETFs to support its total return and diversification goals.
The iShares Bitcoin Trust has been gaining attention, with Nasdaq ISE recently filing to increase the position limit for IBIT options to one million contracts. Institutional ownership of IBIT has been steadily rising, with Fintel data showing that it has reached its highest level since launch, with over 400,000,000 shares held by institutions. The price of bitcoin has also been on the rise, reaching over $91,000 on Friday, with IBIT up approximately 2% in premarket trading at around $52 per share.
According to industry experts, BlackRock’s increased investment in bitcoin reflects the growing institutional interest in the cryptocurrency. "The fact that a major asset manager like BlackRock is increasing its exposure to bitcoin suggests that the asset is becoming more mainstream," said a market analyst. "This could lead to increased adoption and further price appreciation."
The background of BlackRock’s Strategic Income Opportunities Portfolio is noteworthy, as it is an unconstrained bond portfolio that invests across a range of assets, including government debt, corporate credit, mortgages, and emerging markets. The fund’s ability to invest in non-traditional assets like ETFs provides it with the flexibility to respond to changing market conditions and capitalize on new opportunities.
The increased investment in bitcoin by BlackRock’s Strategic Income Opportunities Portfolio is significant, as it highlights the growing relevance of cryptocurrency in traditional investment portfolios. As institutional ownership of IBIT continues to rise, it is likely that we will see further price appreciation and increased adoption of bitcoin. In conclusion, BlackRock’s move to increase its exposure to bitcoin is a notable development in the cryptocurrency space, and its implications will be closely watched by investors and industry observers alike.
