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BlackRock Seems to be Getting Toward the BTC Game

The world's biggest asset manager seems to be getting toward the bitcoin game.

BlackRock, the world’s biggest asset manager with $7.81 trillion below management, seems to have given at least two of its funds the capacity to invest in bitcoin futures.


Prospectus documents deposited with the United States Securities and Exchange Commission Wednesday show that BlackRock Global Allocation Fund Inc. and BlackRock Funds V are at least eyeing BTC.



BlackRock did not state which exchange it will decide to execute these cryptocurrency futures buys. Still, the funds may only invest in cash-settled BTC futures. CME is the single exchange registered with the Commodity Futures Trading Commission (CFTC) that provides similar futures products at this time.


The filings suggest that investments in these futures could take illiquidity risks due to the “relatively new” market. Regulatory changes, volatility and valuation risks could too weigh on the value and thus “adversely impact a Fund.”


The filings seem to mark BlackRock’s entry into the BTS market.


Before Wednesday, the investment monster has never so much as considered “bitcoin” in any of its regulatory filings. But that seems to be growing: “Certain Funds may engage in futures contracts based on bitcoin,” the prospectus documents say.


Last November, the company’s CIO for fixed pay, Rick Rieder, told CNBC that crypto may be “here to stay,” and could even replace gold “to a large extent,” noting that it was “much more functional” than the yellow element.


CEO Larry Fink also recognised BTC's growing demand, stating it had the potential to transform into a global market asset last year.


Recently, the asset manager also posted a job opening for a blockchain and crypto executive, seeking a vice president of blockchain for its New York office.


Applicants for the job should be able to build valuation models for cryptos, but also evaluate governance models and other aspects of the underlying technology, the posting stated.


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