In recent years, BlackRock has attempted to reinvent itself as a socially conscious investor. However, this week activists have gathered outside the asset manager’s headquarters in New York City. They protest the firm’s ownership of developing world debt.

BlackRock is currently waiting for the US Securities and Exchange Commission (SEC) to approve its spot Bitcoin ETF. If approved, it will be one of the very first spot Bitcoin ETFs available to US investors. The asset manager was the first in the latest round of applications, submitting on June 16. Other firms, including Invesco, WisdomTree, ARK Invest, and Valkyrie, followed soon after.

BlackRock Under Fire for Owning One Percent of Zambian GDP in Debt

However, BlackRock, which had $8.59 trillion in assets under management as of December 31, 2022, is under fire for owning $220 million in Zambian government debt. 

Yesterday, protestors gathered outside the BlackRock world headquarters in New York City. They demanded the asset manager cancel Zambia’s external debt, which accounts for approximately one percent of Zambia’s $22 billion GDP (as of 2021).