BlackRock, one of the world’s leading asset managers, has solidified its position as one of the largest institutional players in the Bitcoin market, with an accumulation of more than 363,000 BTC in less than a year, the financial giant has sent a signal clear to the market: Bitcoin is no longer just an investment for speculators, but a digital asset increasingly accepted by large investors.
🔥AMAZING🔥
💥This week #BlackRock BOUGHT more #Bitcoin than the total SALES of ANY ETF for the last 3 weeks
They have more than 1.66% of TOTAL supply in just 6 months. At this rate, by next year they could have as much $BTC like Satoshi Nakamoto himself… pic.twitter.com/3I8yIz8Gyz
— Catalina Castro (@techconcatalina) September 27, 2024
Specifically, from January 11 to September 26, 2024, financial giant BlackRock has collected 363,626.36 BTC, valued at over $24 billion. In fact, this accumulation puts the BlackRock ETF, IBIT, on the verge of controlling almost 2% of the total Bitcoin supply.
As a curious fact, BlackRock’s dominance with BTC management is such that the United States Securities and Exchange Commission (SEC) recently authorized the listing and trading of options for the BlackRock Spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT).
Incidentally, Robbie Mitchnick, head of digital assets at BlackRock, has gone so far as to call Bitcoin a “risk-free” asset, despite short-term fluctuations. This statement reflects the company’s long-term vision and its belief that Bitcoin will establish itself as a store of value asset.
Bitcoin: the new territory conquered by BlackRock
Indeed, BlackRock has marked a new milestone in Bitcoin adoption. With its strategic acquisition, it has seen its Bitcoin assets reach billions of dollars, confirming its key role in the evolution of the crypto ecosystem. In itself, with its iShares Bitcoin Trust (IBIT), BlackRock has made people talk through the significant increase in its Bitcoin assets.
By the way, there is a notable discrepancy between the amount of Bitcoin that IBIT claims to own and the amount that can be verified. According to data from Arkham Intelligence and timechainindex.com, the amount of Bitcoin held by IBIT is slightly lower than the figure reported by the fund. For example:
- According to the IBIT website, the fund has acquired 365,310.38 BTC.
- Although BlackRock claims to have 363,626.36 BTC, this number is not yet reflected on-chain.
- Data from Arkham Intelligence shows that IBIT controls 362,426 BTC.
- Timechainindex.com reports that IBIT has 363,626.36 BTC.
Now, beyond the numbers, BlackRock’s new acquisitions demonstrate an underlying dynamic that could redefine the crypto market in the coming months.
In closing, BlackRock is not alone in this approach. With Grayscale, another major player in the sector, these two companies alone own about 3% of the total Bitcoin supply available on the market.
I close with this quote from Michael Saylor: “Bitcoin is the world’s digital reserve asset.”
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