I really don't think blowing it up is a great idea, as that would greatly increase the number of pieces in the general area, increasing the chances of a collision. It would be a smaller collision, but that would be offset by the greater odds of any collision at all, unless, of course, you could guarantee that it would be pulverized. That would probably create a fantastic light show as the particles enter the Earth's atmosphere, starting a meteor shower such as has never been seen before.