Coinspeaker 3 Altcoins BlackRock HODLs You Never Knew About

Blockchain analytics platform Arkham Intelligence has spotted three altcoins held by leading spot Bitcoin ETF issuer BlackRock Inc (NYSE: BLK). These tokens include SPX6900 (SPX), UBXS Token (UBXS), and Mog Coin MOG $0.0000 24h volatility: 3.0% Market cap: $626.93 M Vol. 24h: $21.34 M . These altcoins are cryptocurrencies with some of the smallest market capitalizations compared to Bitcoin BTC $62 062 24h volatility: 0.8% Market cap: $1.23 T Vol. 24h: $26.31 B and Ethereum ETH $2 436 24h volatility: 0.0% Market cap: $293.36 B Vol. 24h: $13.62 B .

BlackRock’s SPX, UBXS, and MOG Holding

Arkham data shows that the asset management firm holds 83,220 SPX tokens. The altcoin is trading at $0.6082 after gaining 15.94% in the last 24 hours. On this basis, BlackRock’s SPX holding is currently worth approximately $50,614. With a market cap of $566 million, SPX is the 208th largest crypto.

𝗕𝗹𝗮𝗰𝗸𝗥𝗼𝗰𝗸’𝘀 𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀

$22.91B BTC$984.45M ETH$89.54M USDC$41.02K SPX$31.1K UBXS$13.14K MOG

𝗕𝗹𝗮𝗰𝗸𝗥𝗼𝗰𝗸 𝗶𝘀 𝗯𝘂𝗹𝗹𝗶𝘀𝗵 𝗼𝗻 𝗰𝗿𝘆𝗽𝘁𝗼. pic.twitter.com/DwEXCxtbKs

— Arkham (@ArkhamIntel) October 8, 2024

Similarly, BlackRock holds 330,895 UBXS tokens, with a unit of the altcoin trading at $0.09661. The Bitcoin issuer’s UBXS holding is valued at $31,964. Its trading volume recently registered a jump of 22.24%, suggesting a rise in investors’ interest.

BlackRock’s holding represents less than 1% of the token’s total circulating supply of 57.1 million UBXS.

BlackRock also holds 8.126 billion MOG tokens, one of the cheapest altcoins on the list. One unit is worth $0.000001567, valuing the asset manager’s holding at $12,733. In the last few days, this altcoin has lost some of its market value but has sustained a 7.78% weekly surge.

These holdings reflect BlackRock’s positive sentiment toward cryptocurrencies and demonstrate its open-mindedness toward upcoming crypto projects. However, it remains unclear how it got these tokens and whether it plans to buy more.

BlackRock Spot Bitcoin and Ethereum Leads the Market

Thus far, in 2024, BlackRock has shown interest in the crypto industry by pursuing several digital asset-backed products. The BlackRock iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust (ETHA) prove this move. Alongside other asset managers, BlackRock launched its spot Bitcoin ETF at the beginning of this year. Its spot Ethereum ETF followed in July.

These products have recorded great results, leading their counterparts by a significant difference. In August, ETHA surpassed $1 billion in net inflows, making it the first US spot Ethereum to record such a feat. Noteworthy, IBIT surpassed this threshold in four days when it launched in January. On this premise, BlackRock believes that the Ethereum ETF is underperforming.

During the Messari Mainnet Conference in New York, BlackRock’s Head of Digital Assets, Robert Mitchnick, highlighted that ETHA’s performance is underwhelming compared to IBIT. However, he acknowledged its milestone against ETFs overall. The spot Ethereum ETF signals a more gradual yet significant investor interest in Ethereum.

Accordingly, BlackRock’s interest in crypto assets has motivated other institutional investors to take a slice of the burgeoning ecosystem. The recent revelation of its altcoin holding could also trigger a price push for the listed tokens as more investors purchase them.

next

3 Altcoins BlackRock HODLs You Never Knew About