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BlackRock, the world’s largest asset manager, is incorporating Bitcoin into its $150 billion model-portfolio universe. The firm is adding a 1% to 2% allocation of the iShares Bitcoin Trust ETF (IBIT) to its target allocation portfolios that allow for alternatives,

The addition sounds risky at a time of cratering bitcoin prices, but the asset management titan says advisor demand is strong.

BlackRock includes Bitcoin ETF in its model portfolios with 1%-2% allocation, highlighting its strategic focus on diversification.