BlackRock shares register a small gain on Thursday, asset manager to use bitcoin futures for two of its funds

BlackRock Inc (BLK) intends to introduce bitcoin futures as an eligible investment to two of its funds – BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund Inc, a regulatory filing showed.

BlackRock shares closed higher for a third consecutive trading session in New York on Thursday. The stock inched up 0.09% ($0.66) to $742.20, after touching an intraday high at $745.58, or a price level not seen since January 15th ($754.44).

Shares of BlackRock Inc have risen 2.86% so far in 2021 compared with a 2.58% gain for the benchmark index, S&P 500 (SPX).

In 2020, BlackRock Inc’s stock went up 43.53%, thus, it again outperformed the S&P 500, which registered a 16.26% gain.

The funds will invest only in cash-settled bitcoin futures, traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), BlackRock said in the SEC filing.

Earlier in January, the most popular cryptocurrency worldwide, reached an all-time high of $40,000, surging over 900% from a trough it had registered last March.

Analyst stock price forecast and recommendation

According to CNN Money, the 15 analysts, offering 12-month forecasts regarding BlackRock Inc’s stock price, have a median target of $840.00, with a high estimate of $890.00 and a low estimate of $715.00. The median estimate represents a 13.18% upside compared to the closing price of $742.20 on January 21st.

The same media also reported that at least 14 out of 17 surveyed investment analysts had rated BlackRock Inc’s stock as “Buy”, while 3 – as “Hold”.

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