{"id":26420,"date":"2024-10-29T08:14:40","date_gmt":"2024-10-29T12:14:40","guid":{"rendered":"http:\/\/leadingcryptonews.com\/blackrock-buys-1-billion-in-bitcoin-heres-what-it-means\/"},"modified":"2024-10-29T08:14:40","modified_gmt":"2024-10-29T12:14:40","slug":"blackrock-buys-1-billion-in-bitcoin-heres-what-it-means","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/blackrock-buys-1-billion-in-bitcoin-heres-what-it-means\/","title":{"rendered":"BlackRock Buys $1 Billion in Bitcoin: Here\u2019s What It Means"},"content":{"rendered":"


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BlackRock bought $1 billion in Bitcoin last week, according to trading data, with an additional $300 million purchased on Monday.<\/strong><\/p>\n

The asset manager has also invested in MicroStrategy, signaling a deepening connection with the BTC market.<\/p>\n

BlackRock\u2019s Bitcoin Strategy<\/h2>\n

According to Arkham Intelligence data , BlackRock purchased $1 billion worth of Bitcoin in the last week. Its current total holdings sit at 399,525 BTC, which is a substantial amount, but nonetheless a far cry from Binance\u2019s 667,526. Arkham\u2019s data shows that BlackRock has been buying BTC steadily throughout each day, typically in 600 BTC transactions.<\/p>\n

Read more: Who Owns the Most Bitcoin in 2024?<\/strong><\/p>\n

BlackRock\u2019s BTC Purchases. Source: Arkham Intelligence<\/figcaption><\/figure>\n

BlackRock has gone on a Bitcoin buying spree this October, initially purchasing $680 million worth of the asset over two days before shifting to a steady acquisition plan. Its Bitcoin ETF, IBIT, led October ETF inflows, reflecting the success of BlackRock\u2019s deep BTC investments. CEO Larry Fink has endorsed Bitcoin as a distinct asset class and remains a strong supporter.<\/p>\n

This pattern of major purchases by BlackRock shows no sign of slowing. Data from Lookonchain reveals that on Monday, BlackRock invested another $300 million into BTC, acquiring 4,369 coins. This accounted for the majority of Bitcoin bought by all ETF issuers on October 28.<\/p>\n

However, BlackRock is also diversifying its Bitcoin-centric investment strategies. Last week, it expanded its stake in MicroStrategy to 5.2%. MicroStrategy may not be an ETF issuer, but it is also a leading corporate investor in Bitcoin, and their values are closely tied. <\/p>\n

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\u201cT-Rex\u2019s 2x Microstrategy ETF\u2026is essentially a 4x Bitcoin ETF. It\u2019s 30 day volatility is 168%; IBIT\u2019s is 41%. It\u2019s notable because you can\u2019t launch a 4x Bitcoin ETF\u2026but by [doubling] MicroStrategy, they effectively created the ultimate degenerate trading tool,\u201d Bloomberg ETF analyst Eric Balchunas stated.<\/p>\n<\/blockquote>\n

BlackRock\u2019s investment in MicroStrategy carries less volatility than an ETF tied to Bitcoin\u2019s valuation. However, it remains a relevant comparison, especially as Balchunas directly compared MicroStrategy\u2019s volatility and returns to BlackRock\u2019s IBIT. With Bitcoin\u2019s recent strong performance, BlackRock\u2019s involvement has helped drive MicroStrategy\u2019s stock to a 24-year high.<\/p>\n

Read more: What Is a Bitcoin ETF?<\/strong><\/p>\n

In conclusion, BlackRock has displayed a deep affinity towards continued BTC investment. The firm has been buying astronomical quantities of the asset on an elongated timeline. Besides this, it\u2019s also been making major investments into Bitcoin-adjacent properties like MicroStrategy. On this trajectory, BlackRock is growing into one of the largest Bitcoin holders.<\/p>\n

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Disclaimer<\/p>\n

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our\u00a0Terms and Conditions,\u00a0Privacy Policy, and\u00a0Disclaimers\u00a0have been updated.<\/p>\n<\/div>\n<\/div><\/div>\n


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BlackRock bought $1 billion in Bitcoin last week, according to trading data, with an additional $300 million purchased on Monday. The asset manager has also invested in MicroStrategy, signaling a deepening connection with the BTC market. 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