-- The American financial giant has once again increased the volume of bitcoin under its control.
-- According to Lookonchain analysts, #BlackRock owns more than 403,000 $BTC
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-- That asset volume is valued at $27.3 billion at the time of writing.
Investment company BlackRock now owns 403,725 #BTC☀ , Lookonchain analysts said. With the price of the first cryptocurrency at $67,700, this volume of the asset is valued at $27.3 billion.
Experts note that over the past two weeks, the company acquired 34,085 BTC for a total of $2.3 billion. Thus, BlackRock has strengthened its position as one of the largest institutional holders of bitcoin.
Analysts note that its spot bitcoin-ETF, iShares Bitcoin Trust (IBIT), plays an important role in the company's cryptocurrency accumulation. The exchange-traded fund saw inflows of $1.14 billion between Oct. 18 and Oct. 25, 2024, according to the SoSo Value platform.
In addition, IBIT is the leader in terms of funds under management (AUM) among U.S. spot bitcoin ETFs. The investment product's AUM stands at $26.98 billion.
BlackRock Crypto Fund's closest competitor is the spot bitcoin-ETF from Grayscale Investments (GBTC). It has $14.72 billion in assets under management.
Earlier, BlackRock CEO Larry Fink called the first cryptocurrency an alternative to gold. In addition, according to the entrepreneur, the growth of the industry of digital assets will continue regardless of who will be the winner of the upcoming US presidential election.
Recall, we wrote that the U.S. Securities and Exchange Commission approved BlackRock's application to trade options for a spot bitcoin-ETF.