BlackRock to Buy Bitcoin ETPs for Two Major Funds in Landmark Crypto Move

• BlackRock plans to purchase spot bitcoin ETPs, including its own IBIT product, for its $18 billion Global Allocation Fund • BlackRock filed to allow its $36.7 billion Strategic Income Opportunities Fund to also invest in spot bitcoin ETPs • Spot bitcoin ETFs approved in January 2022 have seen significant inflows, with BlackRock's IBIT breaking records • The Global Allocation Fund may invest in Bitcoin ETPs listed and traded on national exchanges • This represents a major step of institutional adoption for Bitcoin and the crypto asset class