New York-based global investment management corporation BlackRock approved BTC futures services for two of its supplies. On January 20, the company submitted the corresponding documentation to SEC.
Related: Ruffer predicts gradual institutional adoption of Bitcoin
BlackRock is the leading asset manager worldwide, handling $7.81 trillion as of end-Q4 2020. It's the firm's primary step towards integrating cryptocurrency operations. The entity aims to permit buying cash-settled BTC futures amongst other holdings via BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund. When the contract ends, the owner will get cash credit. The stores will purchase exclusively in those BTC futures that function on exchanges listed with the US derivatives market regulator authority CFTC.
Back in 2018, BlackRock's CEO Laurence Fink said that the company's customers didn't show interest in holding crypto. However, the chairman apparently changed his mind, saying in 2020 that the crypto market can become global.