BlackRock Rapidly Gathers $500 Million in Bitcoin, Poised to Become Top Holder

In a swift move, BlackRock, the world's largest asset manager, has amassed nearly 11,500 bitcoin for its recently launched spot bitcoin exchange-traded fund (ETF), establishing a $500 million crypto treasury. Surpassing Tesla's holdings, BlackRock now claims the third-largest bitcoin stash among public companies, hinting at the possibility of becoming the single largest bitcoin holder globally.

Unlike traditional bitcoin holders like MicroStrategy, which maintains over 189,000 bitcoin as a treasury reserve, BlackRock employs bitcoin as the foundation for its ETF. Bloomberg's senior ETF analyst, Eric Balchunas, anticipates that BlackRock could soon outpace all other entities in bitcoin holdings.

Publicly available data from BlackRock's iShares Bitcoin Trust reveals the ETF's current holdings of 11,439.2198 "shares" of bitcoin, with a market value reaching $497,994,992.41. While the ETF has experienced substantial early trading volume, the spot price of bitcoin has remained relatively stable. However, if BlackRock sustains its current pace of bitcoin accumulation, it could trigger significant repercussions in the crypto market.

Recent reports suggest that BlackRock has acquired a remarkable 11,500 bitcoin amid the recent market dip, a notable feat considering that only 900 BTC are issued daily. If this trend persists, there could be a considerable supply shortage in the bitcoin market. BlackRock's unexpected embrace of crypto marks a paradigm shift in its stance, as CEO Larry Fink, who previously criticized bitcoin, now acknowledges its value as an asset that can safeguard investors. The firm has even targeted the Boomer generation with a commercial for its spot bitcoin ETF, signaling its commitment to crypto adoption.