BlackRock doubles its investment in IBIT through its global allocation fund

According to reports, documents submitted by BlackRock to the U.S. Securities and Exchange Commission (SEC) show that as of October 31, its Global Allocation Fund held 430,770 shares of the Bitcoin spot ETF IBIT, with a total value exceeding $17 million. Compared with the 198,874 shares reported on July 31st, this number has increased by 117%, a significant growth pointed out by a user named MacroScope. In addition, compared to the 43,000 shares registered in the first quarter, the currently reported number of IBIT shares is more than ten times higher.

The Global Allocation Fund is one of BlackRock's diversified investment products covering stocks from both US and foreign markets as well as bonds and short-term securities such as money market securities; its portfolio is adjusted regularly. Despite doubling down on its bitcoin product investments though, IBIT's share only accounts for just 0.1% within Global Allocation Fund’s total scale of $16.5 billion.