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BlackRock bought $1 billion in Bitcoin last week, according to trading data, with an additional $300 million purchased on Monday. The asset manager has also invested in MicroStrategy, signaling a deepening connection with the BTC market. BlackRock’s Bitcoin Strategy According to Arkham Intelligence data , BlackRock purchased $1 billion worth of Bitcoin in the last week. Its current total holdings sit at 399,525 BTC, which is a substantial amount, but nonetheless a far cry from Binance’s 667,526. Arkham’s data shows that BlackRock has been buying BTC steadily throughout each day, typically in 600 BTC transactions. Read more: Who Owns the Most Bitcoin in 2024? BlackRock’s BTC Purchases. Source: Arkham Intelligence BlackRock has gone on a Bitcoin buying spree this October, initially purchasing $680 million worth of the asset over two days before shifting to a steady acquisition plan. Its Bitcoin ETF, IBIT, led October ETF inflows, reflecting the success of BlackRock’s deep BTC investments. CEO Larry Fink has endorsed Bitcoin as a distinct asset class and remains a strong supporter. This pattern of major purchases by BlackRock shows no sign of slowing. Data from Lookonchain reveals that on Monday, BlackRock invested another $300 million into BTC, acquiring 4,369 coins. This accounted for the majority of Bitcoin bought by all ETF issuers on October 28. However, BlackRock is also diversifying its Bitcoin-centric investment strategies. Last week, it expanded its stake in MicroStrategy to 5.2%. MicroStrategy may not be an ETF issuer, but it is also a leading corporate investor in Bitcoin, and their values are closely tied. “T-Rex’s 2x Microstrategy ETF…is essentially a 4x Bitcoin ETF. It’s 30 day volatility is 168%; IBIT’s is 41%. It’s notable because you can’t launch a 4x Bitcoin ETF…but by [doubling] MicroStrategy, they effectively created the ultimate degenerate trading tool,” Bloomberg ETF analyst Eric Balchunas…

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Filed under: News - @ October 29, 2024 6:21 am