U.Today – As Arkham Intelligence recently reported, BlackRock (NYSE:) – the giant hedge fund managing over $10 trillion in assets – bought more (BTC) this week than any ETF issuer sold in the last three weeks. The purchases were made for BlackRock’s own IBIT Bitcoin ETF and amounted to the equivalent of $388.19 million over the past four days.
As of today, the hedge fund’s total cryptocurrency holdings are 362,193 BTC, or the equivalent of $23.79 billion. For comparison, this is over 100,000 BTC more than the amount held by its closest competitor, Grayscale.
There is no secret behind such a groundbreaking move by BlackRock into the mainstream cryptocurrency. As the fund’s head of digital assets recently revealed, for them Bitcoin is not a risky gamble, but rather a uncommon, global, decentralized, non-sovereign asset that is not subject to country risk or customary counterparty risk.
From the perspective of a company managing $10 trillion in assets, BTC looks more like digital gold than a beta version of the NASDAQ stock exchange and technology companies in general.
However, BlackRock’s interest in cryptocurrencies does not end there, as the fund recently launched its spot ETF solution. These ETFs haven’t received the same hype as the Bitcoin-focused ones, but the number of ETH in BlackRock’s portfolio is growing nonetheless.
Time will tell whether we will see the appropriate level of adoption of Ethereum from the financial giant, but at least the trend seems to be continuing.
