As a seasoned researcher with a keen interest in the dynamic world of finance and technology, I find myself intrigued by this potential partnership between BlackRock Inc and Millennium Management LLC. With my decade-long experience in analyzing market trends and understanding the strategies of financial titans like Larry Fink and Izzy Englander, I can’t help but see this as a significant move towards Bitcoin ETF dominance.
BlackRock Inc., with an asset management of $11.5 trillion, is exploring preliminary discussions about purchasing a share in Millennium Management LLC, a hedge fund manager worth approximately $70 billion. Unlike before, Izzy Englander’s Millennium has not sold any part of its business to external parties. Instead, it’s growing rapidly due to its approach of investing in various types of assets.
BlackRock Eyes Bitcoin ETF Dominance With Millennium Deal
According to a Financial Times report dated November 8, BlackRock, headed by Larry Fink, is considering purchasing a portion of shares in one of the most successful hedge fund managers, Millennium Management. The move, as reported, aligns with Fink’s ambition to diversify into alternative asset classes like Millennium.
As an analyst, I’ve found an interesting point: Millennium Management holds a significant stake in both the iShares Bitcoin ETF (IBIT), valued at approximately $371.32 million, and the Fidelity Wise Origin Bitcoin ETF (FBTC) with holdings worth $588.97 million. Furthermore, their investment portfolio includes Grayscale, Bitwise, and Ark 21Shares Bitcoin ETFs, as disclosed in recent U.S. Securities and Exchange Commission filings.
Millennium Management holds its most significant investment, the iShares Core S&P 500 ETF (IVV), with a worth of approximately $3.29 billion. Over the past year, this ETF has surged by over 26%, and in the last five years, it has increased an impressive 92%.
Recently, Larry Fink affirmed Bitcoin as a legit asset class like gold and the potential in BTC price to rally higher. “I mean, we believe Bitcoin is an asset class in itself. It is an alternative to other commodities like gold,” said Fink.
Millennium Deal May Not Happen
Based on reliable insiders, the conversations are still preliminary, and there’s no guarantee they’ll lead to an agreement. Much like the previous year’s potential collaboration with Schonfeld Strategic Advisors, Millennium has been involved with smaller hedge funds. However, the deal eventually failed several months later.
According to the Financial Times, Izzy Englander retains full ownership of Millennium and manages close to $70 billion in assets. Meanwhile, BlackRock has entered into agreements to acquire Global Infrastructure Partners and Preqin, and is engaged in negotiations with private credit manager HPS.
On Thursday, there was an inflow of $1.1 billion into the BlackRock iShares Bitcoin ETF (IBIT), due to increased liquidity in the crypto market following the US Fed’s interest rate cut. Currently, the BlackRock Bitcoin ETF (IBIT) holds approximately 447,281 Bitcoins, which equates to a staggering $34 billion. For comparison, this is almost double the amount of Bitcoin (252,220 BTC) held by MicroStrategy, led by Michael Saylor.
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2024-11-08 14:07