BlackRock purchased an additional $1 billion worth of Bitcoin, raising its holdings to 2.7% of Bitcoin’s total supply. This acquisition strengthens its position in the Bitcoin market as institutional demand for the cryptocurrency grows.
Last week, BlackRock, the biggest asset manager in the world, bought another $1 billion worth of Bitcoin (BTC), raising its total holdings to 2.7% of all Bitcoin available.
The company has bought 53,000 BTC, raising its total to $58.43 billion. This amount is more than the 471,380 BTC owned by governments worldwide, which is worth $32.7 billion, based on data from Arkham and CoinGecko.
Despite some earlier losses, BlackRock’s iShares Bitcoin ETF is still the top choice in the market, bringing in over $3.4 billion since January, according to SoSoValue Data. The company’s strong purchases of Bitcoin show that more big investors are becoming interested in cryptocurrencies.
Larry Fink, the CEO of BlackRock, recently said that if asset managers around the world invest 2-5% of their funds in Bitcoin, its value could rise to $700,000. Right now, BTC is priced at about $101,000, showing a lot of hope in the market.