The initial approval of Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in January 2024 led to significant developments, particularly with the creation of BlackRock’s own ETF. The investment giant has since been actively acquiring Bitcoin, with its total holdings reaching 359,278 BTC valued at approximately $22.9 billion, as reported by Apollo Bitcoin Tracker on September 25.
BlackRock’s Bitcoin purchases have been on the rise, evidenced by a substantial inflow of $99 million worth of Bitcoin within a day, marking the highest inflow in a month. This surge has positioned BlackRock as a leader among other Bitcoin ETF managers like Grayscale, Fidelity, ARK Invest, Bitwise, and others, collectively holding 915,570 BTC in spot ETFs.
Robbie Mitchnick, BlackRock’s Head of Digital Assets, emphasized the company’s investment approach towards Bitcoin as a global monetary alternative with unique characteristics that mitigate traditional risks. Mitchnick clarified the asset’s risk profile, highlighting its scarcity, decentralization, and non-sovereign nature, positioning it as a risk-off asset amid global economic uncertainties.
In terms of Bitcoin’s price performance, it stood at $63,810 per unit, indicating marginal daily and weekly gains, as well as a nominal monthly increase, based on data retrieved on September 25. BlackRock’s active involvement in Bitcoin acquisitions reflects its confidence and optimistic outlook compared to other market players. Nevertheless, investment decisions should always be informed by thorough research, as market conditions can vary significantly.
The information on BlackRock’s Bitcoin acquisitions in 2024 was originally published on Finbold.