BlackRock earned $369K trading Bitcoin futures. BlackRock Financial Management has expanded the amount of its Bitcoin futures contracts since Q1 2021. According to a filing with the US Securities and Exchange Commission.
In July, BlackRock CEO Larry Fink stated that the company was seeing “very little in terms of investor interest” for cryptocurrencies.
The BlackRock Global Allocation Fund had 54 Bitcoin (BTC) futures contracts. Which issued by the Chicago Mercantile Exchange, according to a Tuesday filing with the Securities and Exchange Commission. The contracts’ value was at $10.8 million when they expired on Aug. 27 and had appreciated by $369,137.
Bitcoin futures gains account for about 0.00138% of the BlackRock Global Allocation Fund. Or 8.91 BTC at the time of publication. The company’s total assets under control are $9.5 trillion.
Rick Rieder stated earlier this year that the firm has “begun to dabble a little” in cryptocurrency
BlackRock’s chief intelligence officer Rick Rieder said earlier this year that the business had “started to dabble a bit” in cryptocurrency. In July, however, CEO Larry Fink stated that “very little in terms of investor demand” for cryptocurrencies was being visible at the company.
BlackRock had indirect exposure to Bitcoin futures through its ownership position in business analytics firm MicroStrategy prior to exploring Bitcoin futures. In two prospectus filings with the SEC in Jan, the investment firm cited Bitcoin. Implying that it would show interest in deploying crypto derivatives.
The price of Bitcoin has dropped more than 4% in the last 24 hours
The SEC filing by BlackRock comes as the price of Bitcoin has declined more than 4% in the previous 24 hours after a month of significant volatility. The price of the crypto asset is $41,323 at the time of publication, according to data.