BlackRock Rapidly Accumulates Bitcoin, Highlights Growing Confidence in Digital Assets

BlackRock, the world's largest asset management firm, has once again created ripples in the crypto market by purchasing an additional 1,413 BTC

World’s Largest Asset Manager Continues BTC Accumulation Spree: BlackRock’s Stellar Role in Bitcoin’s Mainstream Adoption

Highlighting its strong belief in Bitcoin (BTC) as a valuable store of value and an effective inflation hedge, BlackRock, the world’s largest asset management firm, has once again made waves in the crypto market.

According to Blockviews, on Friday, BlackRock’s iShares Bitcoin Trust (IBIT) carried out another substantial purchase of 1,413 BTC, valued at around $93.38 million at current market prices.

This latest acquisition adds to BlackRock’s rapid accumulation of Bitcoin over the past three days. The corporation has now collected a total of 5,894 BTC, amassing a total worth approximately $387.68 million.

Over the past eight months, since launching its Bitcoin ETF product in January, BlackRock has acquired a total of 363,626 BTC, which is now valued at roughly $23.68 billion.

As the world’s largest asset manager continues to make significant purchases of Bitcoin, it’s also highlighting the growing mainstream acceptance of digital assets.

Moreover, BlackRock is now among the world’s largest publicly disclosed Bitcoin holders, further underscoring its immense faith in the leading cryptocurrency’s potential, particularly amidst growing global economic uncertainty and concerns about traditional fiat currencies.

Significantly, BlackRock is not the only entity making substantial contributions to Bitcoin spot ETFs, as several other US Bitcoin spot ETFs have also seen strong inflows.

According to a recent report by CNF, these ETFs saw inflows totaling $365 million, highlighting the ongoing investor interest in these products.

The Ark 21Shares Bitcoin ETF led the inflows, acquiring 1,752 BTC, valued at approximately $113.82 million.

In total, Bitcoin spot ETFs now hold around $60.03 billion, or 4.7% of the asset’s overall market capitalization.

Previously, CNF reported on BlackRock predicting a crisis as US debt rises and the Federal Reserve cuts interest rates for the first time since the 220 COVID pandemic.

In a recent paper, the company also described BTC as a “unique diversifier,” suggesting that the coin could offer the best alternative investment option amid global political tensions.

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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