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BLK Stock Down 1.70% Yesterday, BlackRock Gains $369K from Bitcoin Futures

UTC by Steve Muchoki · 3 min read
BLK Stock Down 1.70% Yesterday, BlackRock Gains $369K from Bitcoin Futures
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However, the gains represented a mere 0.00138% of the BlackRock Global Allocation Fund.

BlackRock Inc (NYSE: BLK) stock closed yesterday trading at $860.57, down 1.70%. As a company that has significantly invested in crypto market-related businesses, its stock market is bound to react every time the crypto market increases in volatility. On Tuesday, the crypto market led by Bitcoin dropped by single digits. Whereby Bitcoin closed the day 2.76% down from the day’s opening price.

BlackRock has directly and indirectly invested in the crypto industry, fueled by increased adoption globally. According to a filing from the United States Securities and Exchange Commission (SEC), the BlackRock Global Allocation Fund had 54 Bitcoin Futures contracts issued via the Chicago Mercantile Exchange as of July 31.

Notably, the Bitcoin futures contracts that expired in August were worth approximately $10.8 million, having gained around $369,137.

However, the gains represented a mere 0.00138% of the BlackRock Global Allocation Fund. As of the second quarter of 2022, BlackRock had assets under management of approximately $9.4 trillion, whereby the company’s revenue rose by 32% year over year.

“In sustainability, we are investing in products, data and analytics, and technology to help investors capture the opportunity and manage the risks presented by sustainable factors. This is resonating with our clients and we generated $35 billion of sustainable net inflows in the quarter,” noted Laurence D. Fink, Chairman and CEO, during the earnings call.

As a global investment firm, the company’s venture into crypto futures markets is a plus for the industry. Moreover, futures contracts are used to view the future possibilities of a market and in turn, give the market some stability.

BlackRock Stock and the Company’s Performance

BlackRock shares have had a rough share of Covid’s ups and downs. According to market analytics provided by MarketWatch, BLK stock has gained approximately 55%, and 19% in the past year and YTD respectively through Tuesday. However, the company’s stock market has dropped approximately 1.48%, and 8.77% in the past three months and five days respectively.

As an investment firm, the company has a vantage point over leading Covid challenges as it takes over emerging opportunities presented by the same crisis.

With a market capitalization of approximately $133.24 billion, BLK shares have ranged between $552.37 and $959.89 in the past 52 weeks.

As the company continues to invest in emerging technologies, Wall Street analysts are optimistic the shares will continue rallying further in the coming quarters. According to a survey conducted by MarketWatch, BLK stock received an average rating of Buy from 14 ratings – a clear testimony of the bullish outlook of the BlackRock future.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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