A filing from the US Securities and Exchange Commission, or SEC, shows that BlackRock Financial Management has increased the number of bitcoin futures contracts since the first quarter of 2021.
According to a filing Tuesday with the Securities and Exchange Commission, the BlackRock Global Allocation Fund included 54 Bitcoin (BTC) futures contracts issued through the Chicago Mercantile Exchange as of July 31. The contracts, which expired on August 27, were valued at $10.8 million, an increase of $369,137.
Gains from bitcoin futures represent approximately 0.00138% of BlackRock’s global allocation fund, or 8.91 BTC at press time. The company has $9.5 trillion in total assets under management.
The investment comes after BlackRock’s chief intelligence officer, Rick Reader, said earlier this year that the company had “started to do a little bit” in cryptocurrency. However, CEO Larry Fink said in July that the company sees “very little in terms of investor demand” for cryptocurrencies.
Prior to pursuing Bitcoin futures, BlackRock was indirectly exposed to the crypto asset through its stake in business intelligence firm MicroStrategy. The investment firm also mentioned Bitcoin in two filings in its prospectus with the SEC in January, hinting that it would explore the use of crypto derivatives.
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The news of the BlackRock SEC deposit comes with the bitcoin price dropping more than 4% in the past 24 hours after a month of massive volatility. As data from Cointelegraph Markets Pro shows, the crypto asset is priced at $41,323 at press time.