BlackRock has become one of Bitcoin’s biggest backers and has acted as the crypto’s gateway to Wall Street and the institutional investors market. In its most recent filings, the investment giant revealed that it had invested a further $78 million in BTC through its spot ETF. Elsewhere, Dogecoin and Yeti Ouro (YETIO) have emerged as two of the most favored cryptos by investors diversifying from Bitcoin.
BlackRock Backs Bitcoin With $78 Million Investment
Since the start of the year, BlackRock has been one of Bitcoin’s biggest backers. The $10 trillion asset management giant was among the firms that received a license from the SEC and launched a Bitcoin spot ETF in January. While other Wall Street and crypto giants like Fidelity and Bitwise, respectively, launched similar products, BlackRock quickly jumped to the top of the pile and has sustained its momentum. Its iShares Bitcoin Trust (iBIT) ETF now holds over $48 billion in assets under management. This surge has allowed iBIT to surpass BlacRock’s iShares Gold Trust, its gold spot ETF product, which holds just over $33 billion, despite launching nearly two decades earlier.
This week, new regulatory filings revealed that BlackRock has not just been offering Bitcoin to other investors; it has also been investing its own funds into the top crypto. The filings, first shared by capital markets platform MacroScope, show that the firm scooped up two million shares of iBIT through the BlackRock Strategic Income Opportunities (BSIIX), a fund that manages over $39 billion in assets. The shares are worth $77 million at the current Bitcoin prices.
Bitcoin Price Analysis: Will BlackRock's $78M Bet Help BTC Price Surpass $100K? Dogecoin And New Viral ERC-20 Token Hint At Huge Activity Ahead 4
The asset manager then purchased 24,000 shares of iBIT through BlackRock Strategic Global Bond (MAWIX), a separate fund that manages $820 million worth of assets. The shares were worth $1.4 million.
Despite the recent purchases, BlackRock still lags behind other Wall Street giants in iBIT share ownership. Millenium Management tops the list at $848 million worth of shares, with others like Goldman Sachs owning nearly $500 million in shares.
Massive Activity Ahead For Dogecoin, Yeti Ouro
Investors looking to diversify from Bitcoin are targeting two memecoins that are positioned for massive gains: Dogecoin and Yeti Ouro.
DOGE was one of the first to surge sharply following Donald Trump’s victory as the 47th president’s close association with Elon Musk sparked excitement among investors. While it has lost some of the momentum since then, the largest meme coin is looking to rediscover its drive and hit new highs before the year ends. Dogecoin price currently stands at $0.4256.
Elsewhere, investors are flocking to invest in Yeti Ouro during the ongoing presale, capitalizing on its low price and a limited-time bonus. Investors have purchased over 60 million YETIO tokens in the presale, raising $730,000 for the project, which is built around Yeti Go, a play-to-earn game that merges the excitement of meme culture with the rewards of play-to-earn gaming. The team behind the game has shared exclusive video footage of game development.
The project is also offering a 20% Black Friday bonus that runs until December 2nd, and with its price still at a steeply discounted $0.012, Yeti Ouro offers one of the best opportunities in crypto today.
YETIO’s supply is capped at one billion tokens, giving it an advantage over most memecoins whose supply is in the trillions. Additionally, it has allocated 5% of its supply to its token-burning mechanism, which further reduces supply and props up its price.
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