Emily Walker
BlackRock is back in the news as it makes significant strides in purchasing Bitcoin, enhancing its position in the cryptocurrency market.
Recent reports from Arkham Intelligence indicate that on January 22nd, BlackRock invested $600 million to acquire Bitcoin, marking its largest purchase this year. This latest buy has increased their total holdings to 569,343 Bitcoins, valued at approximately $58.32 billion.
Alongside Bitcoin, BlackRock also owns 74.5 million USDC tokens and $3.7 billion in Ether, in addition to several other digital coins like UBXS, Colle AI, MOG, TUA, and SPX6900.
Increased Bitcoin Acquisition by BlackRock
The year has seen BlackRock accelerate its Bitcoin purchasing efforts. According to Lookonchain, BlackRock’s iShares is leading in Bitcoin inflows among various funds.
Following BlackRock is Grayscale’s Bitcoin Mini Trust with 208 Bitcoins, and the Grayscale Bitcoin Trust, acquiring 165 Bitcoins on the same day.
Jan 22 Update:
10 #Bitcoin ETFs
NetFlow: +6,719 $BTC(+$700.94M)#BlackRock(iShares) inflows 6,208 $BTC($647.67M) and currently holds 569,343 $BTC($59.4B).
9 #Ethereum ETFs
NetFlow: +18,108 $ETH(+$59.59M)— Lookonchain (@lookonchain) January 22, 2025
During the last week, BlackRock’s iShares fund emerged as the front-runner, acquiring 15,351 Bitcoins, significantly more than Fidelity Wise Origin Bitcoin Trust’s holdings. Akr21 Shares also added nearly 4,000 Bitcoins during this timeframe.
Strengthening ETH Holdings
BlackRock’s portfolio extends to Ethereum as well. According to LookonChain, the firm recently added approximately 58 ETH but fell short compared to VanEck, which acquired 732 ETH in the same week.
Despite the ETH acquisition, BlackRock’s Bitcoin investments are pivotal indicators of market behavior. The company’s continuous purchasing of Bitcoin reflects its influence in the market since initiating spot Bitcoin ETFs in January 2024.
BlackRock CEO Larry Fink on Bitcoin:
“If everyone adopted a 2% or 5% allocation, you could see Bitcoin at $700,000”
It’s astonishing to see how far Bitcoin has advanced.
pic.twitter.com/psxP3aq4WI
— Geiger Capital (@Geiger_Capital) January 22, 2025
Fink’s Optimism for BTC’s Future
Current Bitcoin pricing sits at $104,000, slightly dipping from the previous day’s close. However, many analysts forecast a positive trend for Bitcoin’s future. Larry Fink, BlackRock’s CEO, expressed strong belief in Bitcoin’s potential valuation.
During the World Economic Forum, Fink observed that Bitcoin is gaining traction among asset management firms and global investment organizations that seek BlackRock’s insights on it. He believes that widespread adoption, with allocations from 2% to 5% by everyone, could elevate Bitcoin’s value to $700,000.
Additionally, Fink mentioned not endorsing Bitcoin but merely acknowledging its possibilities. Another executive, Samara Cohen, hinted that Bitcoin may improve under Trump’s administration, as she anticipates a favorable environment for Bitcoin once regulations are established.
Featured image from Reuters, chart from TradingView