Only Two Cryptos Matter, Says BlackRock – Here’s What They Are
The post Only Two Cryptos Matter, Says BlackRock – Here’s What They Are appeared on BitcoinEthereumNews.com.
BlackRock’s $56.41 billion crypto portfolio overwhelmingly favors Bitcoin and Ethereum, making up over 99% of its holdings. CEO Larry Fink’s focus on Bitcoin and Ethereum highlights limited institutional interest in altcoins, reflecting concentrated investor sentiment. BlackRock, the world’s largest asset manager, has doubled down on its belief that only Bitcoin and Ethereum are worth the cryptocurrency gamble. As of January 2, 2024, the firm’s staggering $56.41 billion crypto portfolio is overwhelmingly dominated by those two assets, which account for over 99% of its holdings, according to Arkham Intel. Source: ARKHAM INTELLIGENCE Leading the charge, BlackRock holds 550,643 BTC, valued at $52.93 billion, with Bitcoin currently trading at $96,125. Ethereum follows with 1.037 million ETH, collectively worth $3.58 billion at $3,454 per token. Bitcoin recently saw a modest 2.79% rise, adding $1.53 billion to its value, while Ethereum posted a 2.59% gain, increasing by $89.61 million. Notably, BlackRock’s CEO Larry Fink has characterized Ethereum as “not a currency but rather an asset,” reflecting the firm’s strategic focus. BlackRock now ranks as the 12th largest Ethereum holder globally, with 993,591 ETH, representing 0.12% of the asset’s total supply. BlackRock’s Crypto Ambitions Could Surpass Gold BlackRock’s journey into the cryptocurrency world hasn’t been straight. Initially skeptical, the firm launched its Bitcoin ETF after gaining SEC approval, a significant milestone spurred by Grayscale’s legal victory against the SEC. The ETF’s remarkable performance helped push Bitcoin’s price past $100,000 earlier this year, with assets under management surpassing $50 billion in just 11 months. The ETF’s rapid growth sparked speculation that BlackRock’s crypto investments might one day eclipse gold ETFs. Nate Geraci, CEO of ETF Store, projected that the firm’s Bitcoin ETF could surpass SPDR Gold Shares, the leading gold ETF, by 2025, provided Bitcoin maintains its upward momentum. BlackRock’s focus on Bitcoin and Ethereum mirrors…
Filed under: News - @ January 3, 2025 3:20 am