After less than a year of trading its popular Bitcoin ETF, Wall Street giant “BlackRock” has seen its Bitcoin holdings rise to $30,214 million. This, according to data published on X by the analysis platform “Lookonchain”.
This recent milestone comes after the $9 trillion-plus asset manager acquired another 12,127 Bitcoin, valued at $877 million, earlier this week.
On the other hand, asset manager BlackRock’s Ethereum (ETH) reserves currently amount to 446,000 ETH, worth around $1.13 billion, according to data from Blockchain analysis firm Arkham Intelligence.
Cryptocurrency holdings. Source: Arkham Intelligence” class=”wp-image-316431″ style=”width:772px;height:auto” srcset=”https://i0.wp.com/criptotendencia.com/wp-content/uploads/2024/10/BlackRocktenencias311024.png?w=922&ssl=1 922w, https://i0.wp.com/criptotendencia.com/wp-content/uploads/2024/10/BlackRocktenencias311024.png?resize=300%2C128&ssl=1 300w, https://i0.wp.com/criptotendencia.com/wp-content/uploads/2024/10/BlackRocktenencias311024.png?resize=768%2C327&ssl=1 768w, https://i0.wp.com/criptotendencia.com/wp-content/uploads/2024/10/BlackRocktenencias311024.png?resize=150%2C64&ssl=1 150w, https://i0.wp.com/criptotendencia.com/wp-content/uploads/2024/10/BlackRocktenencias311024.png?resize=696%2C297&ssl=1 696w” sizes=”(max-width: 696px) 100vw, 696px”/>Growth of BlackRock’s global cryptocurrency holdings. Source: Arkham Intelligence
It is important to note that BlackRock’s BTC holdings are primarily managed through its “iShares Bitcoin Trust” (IBIT), which allows institutional investors direct exposure to Bitcoin. Based on the latest purchase, popular asset manager BlackRock now owns 429,185 BTC, approximately 2.17% of the available Bitcoin supply.
Likewise, BlackRock’s recent acquisitions have differentiated it from other major asset managers, particularly “Grayscale”, which currently holds 258,671 BTC valued at $18,195 million.
On the other hand, this Wednesday, October 30, BlackRock experienced $872 million in inflows into its Bitcoin exchange-traded fund (ETF) “IBIT,” representing the highest daily inflows of all funds this month, according to the data. from Farside.
At the time of writing this post, Bitcoin (BTC) is trading at $70,264, accumulating monthly gains of more than 15%, according to data from CoinMarketCap.
Coinbase and BlackRock boost institutional adoption of Bitcoin
It is worth noting that according to a recent report from “Coinbase” and “Glassnode”, the cryptocurrency market is maturing and successful spot ETFs and increasing trading volumes are highlighted as the key drivers of this growth.
For reference, venture capital firm “a16z” noted in a separate report that monthly active wallets are at all-time highs, three times higher than the levels at the end of 2023.
On the other hand, even though BlackRock’s increase in cryptocurrency investments demonstrates growing institutional interest, some experts have raised numerous questions about the physical custody of these assets.
For reference, rumors have circulated alleging that crypto exchange Coinbase, which serves as a custodian for BlackRock and other Bitcoin ETF issuers, is not acquiring the actual Bitcoin requested by the funds, but is instead issuing “paper Bitcoins” or ” promissory notes.
However, to address those concerns, Coinbase CEO Brian Armstrong took to social network X in mid-September to clarify that all transactions involving Bitcoin ETFs are securely settled on the Blockchain.
«I’m not sure what this is all about, honestly. All ETF minting and burning we process are ultimately settled on the Blockchain. Institutional clients have trade financing and OTC options before trades are settled on the network. “This is the norm for all our institutional clients, all funds clear to our Prime vaults in approximately 1 business day.” Voiced Armstrong in X.
Additionally, Bloomberg ETF analyst Eric Balchunas also confirmed that BlackRock maintains its own Blockchain node and consolidates its Bitcoin balances every night, which are then reported to Coinbase Prime.
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