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- BlackRock expanded its Bitcoin holdings by adding another 1,413 BTC, showing continued confidence in the crypto market.
- This recent 1,413 BTC purchase strengthens BlackRock’s position as a major player in Bitcoin investments.
BlackRock, the world’s largest asset management firm, has once again created ripples in the crypto market by purchasing an additional 1,413 BTC for around $93.38 million.
This transaction, carried out through its iShares Bitcoin Trust (IBIT), demonstrates BlackRock’s continued belief in Bitcoin as a store of value and inflation hedge.
BlackRock bought another 1,434 $BTC ($94.3M)!#BlackRock (IBIT) has added 5,894 #Bitcoin ($387.68M) to its holdings in the past 3 days and now holds a total of 363,626 $BTC ($23.68B). pic.twitter.com/V2B3i1Dl5p
— Blockviews (@blockviews) September 27, 2024
BlackRock’s Rapid Bitcoin Accumulation Highlights Growing Confidence in Digital Assets
Over the last three days, the corporation has collected a whopping 5,894 BTC worth roughly $387.68 million, bringing its total Bitcoin holdings to over 363,626 BTC, which is worth approximately $23.68 billion at current market prices.
This accumulation, which occurred in just eight months following the launch of its Bitcoin ETF product in January, demonstrates BlackRock’s aggressive approach to Bitcoin investment.
In recent years, BlackRock’s interest in Bitcoin has expanded dramatically, reflecting the growing general acceptance of digital assets. This latest purchase further strengthens its status as one of the world’s largest public Bitcoin holders.
It demonstrates the firm’s conviction in Bitcoin’s potential as a robust asset, especially as global economic instability and concerns about traditional fiat currencies grow.
Notably, BlackRock is not alone in this trend; several other US Bitcoin spot ETFs have also seen strong inflows. Recent inflows totaled $365 million, reflecting continued investor interest.
This newfound interest in Bitcoin spot ETFs is not exclusive to BlackRock. The Ark 21Shares Bitcoin ETF led the inflows, acquiring 1,752 BTC, worth around $113.82 million. These increases reflect the increased interest in Bitcoin as an investment vehicle, with Bitcoin spot ETFs now holding around $60.03 billion, or 4.7% of the asset’s overall market cap.
On the other hand, CNF previously reported that the company had predicted a crisis as US debt rose and the Fed cut interest rates for the first time since the 2020 COVID pandemic.
Also, the company said BTC is a “unique diversifier” in a recent paper, saying that the coin could offer the best alternative investment amid global political tensions.
Meanwhile, at the time of writing, BTC is trading at around $65,823.61, down slightly by 0.27% over the last 24 hours, following a surge in its price over the past few days.
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