BlackRock remains very stable in its BTC accumulation, with 363,000 BTC in its portfolio as of September 27. BlackRock has been bullish on Crypto assets for nearly a decade, and according to observations, this attitude will continue.
As its BTC holdings grow, BlackRock is also solidifying its position as a major institution in the crypto asset space.
BlackRock purchased 1,434 BTC worth $94.3 million on September 27. In the past four days, the total purchase amount reached 5,894 BTC worth $387.68 million.
This is another purchase following the purchase of 4,460 BTC (worth $289 million) on September 26.
Lookonchain reported: “BlackRock has added 5,894 BTC (about $387.68 million) in the past three days, and currently holds a total of 363,626 BTC (about $23.68 billion).”
BlackRock is the third largest BTC holder, behind Satoshi Nakamoto and Binance. As BlackRock continues to accumulate BTC, it is approaching Binance, which reportedly owns about 550,000 BTC.
Robbie Mitchnick, head of digital assets at BlackRock, said: “Fundamentally, BTC is a risky asset that has nothing to do with the economic health or policies of any one country. At the same time, as a scarce asset, BTC is not subject to common risks such as currency depreciation and political turmoil.”
“BTC’s correlation with stocks has had periods of spikes and periods of negative growth. Gold shows the same pattern, with some temporary spikes but long-term, close to zero.”
Notably, BlackRock’s newly discovered pivot toward BTC marks a significant shift, especially for the firm’s CEO, Mitchnick.
Mitchnick has been an outspoken BTC skeptic, who has long considered BTC to be a speculative and potentially dangerous asset.
While the company is actively buying BTC, its flagship product IBIT is also leading the spot BTC ETF market.
As of September 27, the fund’s cumulative net inflows reached $21.42 billion, followed closely by Fidelity’s FBTC with a net inflow of $9.99 billion.
Like other issuers, BlackRock provides institutional investors with indirect exposure to BTC through this financial instrument.
Following the landmark approval of the BTC ETF in the United States in January this year, institutional enthusiasm for BTC has also increased. As of the close of last Friday, the cumulative net inflows of all issuers totaled $18.80 billion.
Notably, since BlackRock’s IBIT remains the most successful spot BTC ETF in terms of inflows, it has raised custody concerns, with investors questioning why BTC’s price performance does not reflect positive flows.
On the other hand, some worry that increased institutional adoption of BTC could threaten or erode BTC’s founding principles.
Specifically, institutional control of the crypto asset space would shift power back to the very entities that BTC was designed to bypass.
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