BlackRock expands stake in Telefónica to record 6.24% and endorses Bitcoin allocation in model portfolios

BlackRock raised its holding in the Spanish telecom operator Telefónica to 6.24% of the company's capital, the highest level recorded in the CNMV register. The purchase, valued at about €1.3 billion, makes the asset manager the fourth‑largest shareholder after a series of incremental buys. Following the disclosure, Telefónica’s share price rose 2.59% to €3.69, snapping a stretch of declines.

In a separate move, BlackRock issued guidance for its model portfolios to allocate 1‑2% of assets to Bitcoin. The recommendation is tied to the firm’s iShares Bitcoin Trust (IBIT) and the newer iShares Bitcoin Premium Income ETF (BITA), which combine direct exposure with option‑based income. By inserting the crypto asset into its widely‑used portfolio templates, BlackRock signals that Bitcoin can be used for diversification without materially increasing overall risk.