Not long ago, the idea of massive corporations, governments, and top-tier financial institutions stockpiling bitcoin (BTC) would have seemed unlikely. Yet today, these same entities are acquiring a significant portion of the available bitcoin supply. Founded by eight individuals in 1988, Blackrock has not only become the world’s largest asset manager, with $10.65 trillion in assets under management (AUM) but also a leader in the digital asset space by AUM.
IBIT website with stats updated on Sept. 26, 2024.
According to the IBIT website, the fund has acquired 363,626.36 BTC since launching on Jan. 11, 2024. The fund recently passed the $21 billion mark in net inflows, now totaling $21.3 billion. Although Blackrock’s website states it holds 363,626.36 BTC, this number has yet to reflect onchain. Data from Arkham Intelligence shows IBIT controlling 362,193 BTC, while timechainindex.com reports 361,679.76 BTC onchain.
The latter site reveals Blackrock’s bitcoin is stored across 766 separate bitcoin addresses. In addition to bitcoin, Blackrock runs the ether-based ETF, ETHA, which holds 379,360.24 ether (ETH), according to its website. However, Arkham data indicates ETHA’s onchain holdings were 373,605 ETH as of 12 p.m. ET on Sept. 27. Regardless, that’s over a billion dollars’ worth of ether since July 23.
ETHA website with stats updated on Sept. 26, 2024.
Blackrock is also behind the tokenized U.S. Treasury project, BUIDL (Blackrock USD Institutional Digital Liquidity Fund), now valued at $513 million. In 2024, the fund manager made a substantial impact in the cryptocurrency sector, surpassing other traditional financial (tradfi) giants. Blackrock’s presence in the tradfi world is undeniable, and through its Ishares brand, it dominates the ETF market with the highest AUM among all ETF issuers.
Beyond BTC, the Ishares Gold Trust (IAU) and Ishares Silver Trust (SLV) are two of the most popular gold and silver ETFs. Blackrock also operates well-known funds like the S&P 500 ETF (IVV), Ishares Core MSCI EAFE ETF (IEFA), Core U.S. Aggregate Bond ETF (AGG), and Core S&P Small-Cap ETF (IJR). With IBIT, Blackrock controls approximately 1.8405% of bitcoin’s 19.759 million circulating supply. Even if IBIT ceased receiving further BTC inflows, it would still command 1.73% of the total 21 million BTC supply cap.
