by Josh Adams for Be(in) Crypto

“BlackRock is closing its China Flexible Equity fund as of November 7, 2023, the firm announced in an August 31 shareholder letter.

Specifically, the BlackRock Global Funds (BGF) offering will cease operations after amassing just $22.3 million in assets since its launch in October 2017.

The news comes just after the US Securities and Exchange Commission (SEC) pushed back its decision on spot Bitcoin exchange-traded fund (ETF) applications until at least October. The delay affects BlackRock’s application and those from WisdomTree, Invesco Galaxy, VanEck, Bitwise, and others, all filed earlier this year.

The delay follows a humiliating blow for the SEC on the spot Bitcoin ETF front on August 29. The DC Circuit Court of Appeals has allowed Grayscale Investments to proceed with converting its Bitcoin Trust into an ETF.

The court overturned a previous SEC decision that had blocked the fund’s listing on NYSE Arca, calling it ‘arbitrary and capricious.’

BGF chair Denise Voss explained the decision on BlackRock’s China Flexible Equity fund as ‘a lack of new investor interest’ and a bleak outlook for significant future subscriptions. Additionally, she noted that continuing to manage such a small fund would drive up costs, which would not serve shareholders’ best interests…”

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