Two BlackRock funds purchase shares in its IBIT spot Bitcoin ETFs

According to the information that was made public by the SEC, two funds that are managed by BlackRock have acquired shares within the company’s spot bitcoin exchange-traded fund, which is known as IBIT.

The two companies involved are big-time players in Wall Street, one being BlackRock Strategic Income Opportunities, and the second, BlackRock Strategic Global Bond, informed about the purchase of shares in the spot bitcoin ETFs, introduced by the entity towards the beginning of the year. BlackRock Strategic Income Opportunities Strategic Global Bond purchased almost $3.6 million in terms of IBIT shares, whereas BlackRock Global Bond bought $486,000 worth of IBIT shares in Q1 of 2024.    

Blackrock’s IBIT exchange-traded fund has acquired capital like no other spot bitcoin ETF since the ETF trade started early this year. Presently, Grayscale’s spot bitcoin ETF contains more assets under management than all of the competition. However, it is only a converted GBTC fund, which came in at almost $30 billion in terms of AUM at the time of its introduction.  

Rick Rieder, the firm’s CIO of global fixed income, manages both of the BlackRock funds that participated in the acquisition of shares related to the IBIT spot bitcoin ETF. 

In Q1 of 2024, various conventional finance companies bought shares in spot bitcoin ETFs, according to filings. According to Bloomberg ETF expert Eric Balchunas, the fact that over 400 institutions have reported purchasing BlackRock’s new spot bitcoin ETF is absolutely astounding.