In a groundbreaking move, the United States Securities and Exchange Commission (SEC) approved the first-ever Bitcoin (BTC) exchange-traded funds (ETFs) in January 2024, with notable participation from investment giant BlackRock (NYSE: BLK). Following this milestone, BlackRock has been consistently increasing its Bitcoin holdings, now standing at 359,278 BTC valued at approximately $22.9 billion, according to data sourced from Apollo Bitcoin Tracker on September 25.
BlackRock’s aggressive Bitcoin purchasing activity is evident in the growth of its IBIT iShares Bitcoin Trust ETF, with a noteworthy influx of $99 million worth of Bitcoin or 1,548 BTC in a single day. This surge saw BlackRock’s BTC holdings rise from 357,730 BTC on September 23 to 359,278 BTC on September 24, cementing its leading position among other Bitcoin ETF managers like Grayscale, Fidelity, ARK Invest, and Bitwise, collectively holding 915,570 BTC in spot ETFs.
Robbie Mitchnick, BlackRock’s Head of Digital Assets, emphasized the company’s investment perspective on Bitcoin, viewing it as a global monetary alternative with unique properties making it a compelling asset class in a landscape marked by concerns like money printing and currency devaluation risks. Mitchnick clarified that despite misconceptions labeling Bitcoin as ‘risk-on,’ its attributes position it as a ‘risk-off’ asset due to its decentralized, non-sovereign nature and scarcity.
The fluctuating Bitcoin price, currently at $63,810, reflects a gradual uptrend over the last 24 hours and week, showing a 6.58% increase in the previous seven days. BlackRock’s proactive stance in accumulating Bitcoin showcases its strong commitment and optimistic outlook compared to its counterparts in the cryptocurrency investment space, underscoring the importance of thorough research for investors.
Source: Finbold