Wealth Management Giant BlackRock Made Gains of $360K From Bitcoin futures April 1, 2021 April 1, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsApril 1, 2021 by Kelly Cromley

Wealth Management Giant BlackRock Made Gains of $360K From Bitcoin futures

A SEC (Securities and Exchange Commission) filing by BlackRock Financial Management indicates that the value of Bitcoin futures held by the firm had appreciated considerable this year.

The investment giant’s SEC filing indicates that it held 37 futures contracts on Bitcoin, bought via the Chicago Mercantile Exchange and expired on March 26. The firm ended March contract with a profit of $360,457.

The profits from the Bitcoin (BTC) futures account for a mere 0.00142% of the institution’s Global Allocation Fund or roughly 6.12 Bitcoins, when writing this article. The firm possess over $8.60 trillion in aggregate assets under administration.

In March, Rick Rieder, BlackRock’s chief investment officer, has stated that the institution had begun “to dabble a bit” in cryptocurrencies. He further stated that a large number of their clients were looking for “places that appreciate under the assumption that inflation moves higher as debts are building.”

During that period, Reider said “Holding some portion of what you hold in cash in things like crypto seems to make some sense to me, but I wouldn’t espouse a certain allocation or target holding. My sense is the technology has evolved and the regulations have evolved to the point where a number of people find it should be part of the portfolio.”

Earlier in January, BlackRock has mentioned about the numero uno crypto in two of its prospectus application submitted to the SEC, stating that there is a likelihood of having a multi-trillion-dollar asset manager to administer crypto derivatives as portion of its investment program.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.