In a bold countermove to recent market volatility, BlackRock has further increased its Bitcoin holdings. The world’s largest asset manager is undeterred by the 10% drop in the BTC price as it continues to increase its exposure to Bitcoin .
BlackRock’s overall Bitcoin holdings now exceed 338,000 BTC, solidifying its position as a dominant player in the Bitcoin ETF market through its iShares Bitcoin Trust (IBIT). The firm’s Bitcoin assets are currently valued at an impressive $21.7 billion.
On X, Arkham Intelligence has revealed the Bitcoin buying which comes amidst notable market turbulence and signifies the company’s confidence in the long-term potential of the cryptocurrency.
BlackRock buys Bitcoin, Source: Arkham Intelligence
Several factors have contributed to recent market instability. Bitcoin’s price has dropped by 10% following significant government sales of the cryptocurrency. At the time of writing, the Bitcoin price is at $63,283.
In the BTC ETF market, BlackRock’s iShares Bitcoin Trust (IBIT) has become a dominant player. According to the asset manager’s most recent statistics, its overall Bitcoin holdings have increased to more than 342,000 BTC. With a market price of $65,770 per Bitcoin as of July 31, 2024, BlackRock had 342,658.96610 BTC, valuing its Bitcoin assets at an astounding $22,537,283,282.30.
This achievement coincides with the announcement by BlackRock CEO Larry Fink that he is now a “major Bitcoin believer,” which is a substantial departure from his prior position on the cryptocurrency. Fink’s recognition of Bitcoin’s legitimacy despite a few instances of misuse suggests that traditional banking circles are beginning to accept cryptocurrencies.
Following its success with Bitcoin ETFs, BlackRock has filed for a spot in Ethereum ETF, further expanding its footprint in the cryptocurrency market
BlackRock’s continued investment in Bitcoin and its expansion into Ethereum ETFs highlight the growing institutional acceptance and confidence in cryptocurrencies.
Also Read: “BlackRock Has No Immediate Plans for Solana ETF” — BlackRock’s CIO
