PK Press Club – BlackRock (NYSE:) now holds 60 billion (BTC) in its Ishares Bitcoin Trust (IBIT), with 574,118.84380 BTC recorded on the ETF’s balance sheet. Recent incidental investor data shows that Bitcoin ETFs have recently received a total of 188.7 million, with BlackRock alone securing $154.6 million – 81% of the net inflows.
Blackrock’s aggressive accumulation of Bitcoin has placed it among the largest institutional holders of the cryptocurrency, even surpassing well-known holdings Microstrategy.
Larry Fink, the CEO, also got market participants talking about Bitcoin’s potential by suggesting a price target of up to $700,000 if more institutions adopt it. He has spoken with a sovereign wealth fund about allocating 2% to 5% of their assets to Bitcoin, showing that even entities that generally avoid risk are interested.
While Bitcoin is still BlackRock’s primary crypto investment, its $4 billion ETF (ETHA) shows a bigger plan to spread into digital assets. The company is focusing on Bitcoin and Ethereum, showing that they believe blockchain will become a big part of the financial world, although there are still a lot of unknowns when it comes to regulations.
But, according to market analysts, BlackRock’s massive $60 billion Bitcoin investment – or about 2.7% of the entire cryptocurrency supply – could totally change the way money circulates and the way prices are set.
The IBIT ETF has done better than its competitors, seeing steady inflows even with Bitcoin’s recent ups and downs. Fink’s optimistic view aligns with growing institutional interest, but there are still skeptics who say macroeconomic challenges and regulatory scrutiny could still be major factors to watch.
