BlackRock SEC Deposits Show Company Made $ 369,000 From Bitcoin Futures

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A file from the United States Securities and Exchange Commission, or SEC, shows that BlackRock Financial Management has increased the number of its Bitcoin futures contracts since the first quarter of 2021.

According to a September 28 filing with the SEC, the BlackRock Global Allocation Fund included 54 Bitcoin futures contracts (BTC) issued through the Chicago Mercantile Exchange as of July 31. The contracts, which expired Aug. 27, were worth $ 10.8 million, appreciating $ 369,137.

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Gains from Bitcoin futures represent approximately 0.00138% of the BlackRock Global Allocation Fund, or 8.91 BTC at time of publication. The company has $ 9.5 trillion in total assets under management.

The investment comes after BlackRock’s chief IT officer Rick Rieder said earlier this year that the company had “started to dabble a bit” with crypto. However, CEO Larry Fink said in July that the company sees “very little investor demand” for cryptocurrencies.

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Prior to pursuing Bitcoin futures contracts, BlackRock had indirect exposure to the crypto asset through its stake in business intelligence firm MicroStrategy. The investment firm also mentioned Bitcoin in two prospectus filings with the SEC in January, hinting it would explore the use of crypto derivatives.

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The news of the BlackRock SEC deposit comes as the price of Bitcoin has fallen more than 4% in the past 24 hours after a month of considerable volatility. As data from TSTIME Markets Pro shows, the crypto asset’s price is $ 41,323 at the time of publication.