Guess who is back in the Bitcoin game? It’s BlackRock, taking a more assertive stance toward the leading digital currency.
According to recent data from Arkham Intelligence, BlackRock allegedly purchased $600 million in Bitcoin on January 22. This marks the largest acquisition of the year to date. With this new purchase, the firm now holds a total of 569,343 Bitcoins, which are currently valued at around $58.32 billion.
Beyond Bitcoin, BlackRock’s digital asset portfolio also includes 74.5 million USDC tokens, approximately $3.7 billion worth of Ether, and various other coins such as UBXS, Colle AI, MOG, TUA, and SPX6900.
BlackRock Dominates Bitcoin Acquisitions Over Past Week
This year has seen BlackRock kick off its Bitcoin buying spree with remarkable fervor. Lookonchain reported via Twitter/X that among various funds, BlackRock’s iShares have witnessed the highest Bitcoin inflows.
The Grayscale Bitcoin Mini Trust follows, having acquired a total of 208 Bitcoins, while the Grayscale Bitcoin Trust reported 165 Bitcoins purchased on the same day.
Jan 22 Update:
10 #Bitcoin ETFs
NetFlow: +6,719 $BTC(+$700.94M)🟢#BlackRock(iShares) inflows 6,208 $BTC($647.67M) and currently holds 569,343 $BTC($59.4B).9 #Ethereum ETFs
NetFlow: +18,108 $ETH(+$59.59M)🟢#BlackRock(iShares) inflows 16,959 $ETH($55.81M) and currently holds… pic.twitter.com/I2EAn9iABF— Lookonchain (@lookonchain) January 22, 2025
In the past week, BlackRock has maintained its position as the leading player in the market, acquiring 15,351 Bitcoin, effectively doubling the amount bought by Fidelity Wise Origin Bitcoin Trust. Akr21 Shares also made significant strides, adding nearly 4,000 Bitcoins to its holdings during the same timeframe.
BlackRock Increases Its ETH Holdings Significantly
BlackRock’s collection of digital assets also encompasses Ethereum. From the recent data released by LookonChain, it appears that BlackRock added approximately 58 ETH tokens, though it still trails behind VanEck, who purchased 732 ETH in the last week.
While BlackRock has made substantial additions to its ETH assets, its ongoing Bitcoin investments are notably influential in the market. The company’s purchases of Bitcoin often serve as an indicator of market performance. Since the introduction of spot Bitcoin ETFs in January 2024, BlackRock has played a leading role in this area with its persistent acquisitions.
BlackRock CEO Larry Fink on Bitcoin:
“If everyone adopted a 2% or 5% allocation, you could see Bitcoin at $700,000”
Incredible how far Bitcoin has come. 🟠 pic.twitter.com/psxP3aq4WI
— Geiger Capital (@Geiger_Capital) January 22, 2025
Fink Maintains Optimism for Bitcoin, Eyes $700k Target
Currently, Bitcoin is trading at $104,000, slightly down from its previous closing price. Despite this dip, analysts remain hopeful about the future price movement of Bitcoin, bolstered by recent successes. BlackRock’s CEO, Larry Fink, has expressed confidence regarding Bitcoin’s pricing potential.
Fink remarked at the World Economic Forum that Bitcoin is gaining traction among asset management firms and global investment funds. He noted that these firms seek BlackRock’s insights regarding Bitcoin. If everyone holds Bitcoin and allocates 2% to 5%, the market could reach $700,000, he asserted.
Additionally, Fink clarified that while they do not advocate for Bitcoin, they are simply underscoring its possibilities. Samara Cohen, another executive at BlackRock, suggested that Bitcoin might perform admirably under Trump’s policy. She expects that following clarity in regulations, Bitcoin could have a stellar year ahead.
Image Source: DaLiu / Shutterstock