BlackRock Boosts Bitcoin Holdings to $22.9B After ETF Surge

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Cryptodnes2024/09/26 08:45

By:Cryptodnes

After the SEC approved the first-ever spot Bitcoin ETFs in January 2024, including BlackRock's, the asset manager has steadily increased its Bitcoin holdings.

BlackRock now holds 359,278 BTC , valued at about $22.9 billion, according to data from September 25.

In a single day, the fund added 1,548 BTC ($99 million), bringing its holdings from 357,730 BTC on September 23 to 359,278 BTC by September 24.

This places BlackRock ahead of other Bitcoin ETF managers, such as Grayscale with 221,043 BTC, Fidelity at 177,224 BTC, and ARK Invest with 46,614 BTC.

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BlackRock’s Head of Digital Assets, Robbie Mitchnick, described Bitcoin as an emerging global monetary alternative, emphasizing its decentralized and non-sovereign nature, free from country-specific or traditional counter-party risks.

He clarified that Bitcoin is often misunderstood as a “risk-on” asset when it should be considered “risk-off” due to its scarcity and insulation from fiscal challenges like currency debasement and political instability.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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