Guess who’s returned and purchasing more Bitcoin? It’s Blackrock adopting a more assertive strategy towards the leading digital currency.
According to recent tracking by Arkham Intelligence, BlackRock is said to have purchased $600 million in Bitcoin on January 22nd, marking the largest acquisition this year. Arkham further stated that this latest purchase has escalated the company’s holdings to 569,343 Bitcoins, now estimated at $58.32 billion.
Besides Bitcoin, BlackRock possesses various other digital assets, including 74.5 million USDC tokens, $3.7 billion in Ether, along with coins such as UBXS, Colle AI, MOG, TUA, and SPX6900.
Source: Arkham Intelligence
BlackRock Dominates Bitcoin Acquisitions Over The Past Week
This year, BlackRock’s vigorous acquisition of Bitcoin had an explosive beginning. Lookonchain shared on Twitter/X that among all funds, BlackRock’s iShares are experiencing the highest Bitcoin inflows.
Next in line is the Grayscale Bitcoin Mini Trust, with a total of 208 Bitcoins, followed by the Grayscale Bitcoin Trust, which obtained 165 Bitcoins on the same date.
Jan 22 Update:
10 #Bitcoin ETFsNetFlow: +6,719 $BTC(+$700.94M)🟢#BlackRock(iShares) inflows 6,208 $BTC($647.67M) and currently holds 569,343 $BTC($59.4B).
9 #Ethereum ETFsNetFlow: +18,108 $ETH(+$59.59M)🟢#BlackRock(iShares) inflows 16,959 $ETH($55.81M) and currently holds… pic.twitter.com/I2EAn9iABF
— Lookonchain (@lookonchain) January 22, 2025
Analyzing the seven-day net inflow, BlackRock stands out as the leading entity in the market. During this timeframe, BlackRock’s iShares fund acquired 15,351 Bitcoin, which is double the figures reported by Fidelity Wise Origin Bitcoin Trust. Akr21 Shares also performed well in the previous week, adding nearly 4,000 Bitcoins to its reserves.
BlackRock Augments Its ETH Holdings Significantly
Additionally, BlackRock’s portfolio includes various digital assets, notably ETH. According to the same data shared by LookonChain, BlackRock acquired roughly 58 ETH but falls short compared to VanEck’s acquisition of 732 ETH tokens in the last week.
Even though BlackRock is adding a substantial amount of ETH tokens, its Bitcoin investments are pivotal for the sector. The company’s Bitcoin purchases are frequently seen as a barometer of the market’s performance. Since the introduction of spot Bitcoin ETFs in January 2024, BlackRock has consistently taken the lead in this domain with aggressive buys.
BlackRock CEO Larry Fink on Bitcoin:
“If everyone adapted a 2% or 5% allocation, you could see Bitcoin at $700,000”
Remarkable how far Bitcoin has progressed. 🟠 pic.twitter.com/psxP3aq4WI
— Geiger Capital (@Geiger_Capital) January 22, 2025
Fink Maintains Optimism On BTC, Aiming For $700k
Bitcoin is presently trading at $104,000, slightly below its closing rate from the previous day. Nevertheless, analysts remain positive regarding Bitcoin’s price development based on its recent achievements. Larry Fink, the chief executive of BlackRock, has expressed confidence in Bitcoin’s future price potential.
Fink remarked at the World Economic Forum that Bitcoin is gaining traction among asset management firms and global investment organizations. He mentioned that these entities seek BlackRock’s insights on Bitcoin. If everyone owns Bitcoin and allocates between 2% to 5%, the industry could reach $700k, Fink stated.
Furthermore, Fink emphasized that they are not promoting Bitcoin, but merely showcasing its potential. According to Samara Cohen, another executive at BlackRock, Bitcoin could experience an upswing under Trump’s leadership. Cohen mentioned that Bitcoin is performing well in the market under Trump’s conditions. Once regulations are clarified, Cohen predicts a standout year for Bitcoin.
Featured image from Reuters, chart from TradingView
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