After the significant approval of the inaugural Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) of the United States in January 2024, including BlackRock’s creation, the investment giant has remained actively involved in Bitcoin acquisitions.
BlackRock’s collection of Bitcoin, housed in its IBIT iShares Bitcoin Trust ETF, has grown substantially, with its current holdings of the primary cryptocurrency standing at 359,278 BTC, valued at approximately $22.9 billion as of data extracted from Apollo Bitcoin Tracker on September 25.
In the context of expanding cryptocurrency inflows, BlackRock saw an inflow of $99 million worth of Bitcoin, corresponding to 1,548 BTC in a single day recently, signaling the highest amount received in a month. This surge pushed their total holdings from 357,730 BTC on September 23 to 359,278 BTC on September 24, solidifying BlackRock’s dominant position in the spot Bitcoin ETF market. Comparatively, Grayscale holds 221,043 BTC, Fidelity owns 177,224 BTC, ARK Invest manages 46,614 BTC, and Bitwise has 38,591 BTC, collectively amassing 915,570 BTC in spot ETFs.
Head of Digital Assets at BlackRock, Robbie Mitchnick, clarified the company’s stance on Bitcoin investment policies. He emphasized Bitcoin as a global monetary alternative and considered it a non-sovereign, decentralized, and scarce asset without country-specific or traditional counter-party risks. This perception contrasts with the common notion of Bitcoin as ‘risk-on,’ a misconception that Mitchnick believes confuses investors.
The price of Bitcoin stood at $63,810, indicating a 0.38% increase in the last 24 hours, a 6.58% rise over the past week, and a 0.35% gain in the prior month, as per September 25 data. BlackRock’s active Bitcoin acquisitions illustrate a strong commitment and optimistic sentiment compared to its counterparts in the Bitcoin spot ETF realm and the broader investment landscape. Nonetheless, it is essential for investors to conduct thorough research as buying potential does not guarantee price upsurges or returns.
For more details on BlackRock’s Bitcoin purchases since the beginning of 2024, visit Finbold.