After gaining approval for the first-ever spot Bitcoin (BTC) exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in January 2024, including one established by BlackRock (NYSE: BLK), the investment giant has been actively acquiring Bitcoin.
BlackRock’s collection of Bitcoin within its IBIT iShares Bitcoin Trust ETF has been steadily growing, and it currently holds 359,278 BTC valued at around $22.9 billion, according to data obtained from Apollo Bitcoin Tracker on September 25.
Recent reports show that BlackRock’s spot Bitcoin ETF experienced a substantial inflow of $99 million worth of Bitcoin or 1,548 BTC in a single day, the highest inflow in a month. This surge increased BlackRock’s total holdings from 357,730 BTC on September 23 to 359,278 BTC on September 24, placing them firmly ahead of competitors like Grayscale, Fidelity, ARK Invest, Bitwise, and others with a combined total of 915,570 BTC in spot ETFs.
In discussing BlackRock’s Bitcoin investment strategy, Robbie Mitchnick, the Head of Digital Assets at BlackRock, emphasized that Bitcoin should be viewed as an emerging global monetary alternative rather than a risky asset. He highlighted Bitcoin’s scarce, decentralized, non-sovereign nature as well as its resistance to country-specific and counterparty risks, positioning it as a “risk-off” asset amid concerns about currency devaluation, political instability, and fiscal challenges globally.
Regarding Bitcoin’s price, it is currently trading at $63,810, showcasing slight gains over the last 24 hours, 7 days, and month as of September 25. BlackRock’s substantial Bitcoin acquisitions not only underscore their strong bullish sentiment compared to other ETF managers but also emphasize the need for thorough research before making investment decisions.
For more details, check out the post “BlackRock buys this much Bitcoin since the start of 2024” on Finbold.