BlackRock Bought More Bitcoin This Week Than Any ETF Has Sold in the Past 3 Weeks

As recently reported by Arkham Intelligence, BlackRock - the giant hedge fund with over $10 trillion in assets under management - bought more Bitcoin (BTC)

BlackRock, a hedge fund with over $10 trillion in assets under management, has been buying Bitcoin (BTC) at an impressive rate. In the past four days alone, BlackRock purchased an amount of BTC that surpasses the total sold by any ETF issuer over the last three weeks. These purchases were made for BlackRock's IBIT spot Bitcoin ETF.

According to Arkham Intelligence, BlackRock's total cryptocurrency holdings now stand at 362,193 BTC, valued at approximately $23.79 billion. This vast holding is over 100,000 BTC more than the holdings of Grayscale, BlackRock's closest competitor in the crypto asset management domain.

The fund's enthusiasm for Bitcoin is hardly surprising, given that BlackRock's head of digital assets recently stated that the fund does not view Bitcoin as a risky beta to the NASDAQ or tech stocks in general. Instead, they perceive it as a scarce, global, decentralized, nonsovereign asset that carries no country risk and is not subject to traditional counterparty risk.

From a $10 trillion asset management firm's perspective, BTC might be more like digital gold than a beta to the NASDAQ and tech stocks in general.

BlackRock's interest in cryptocurrencies extends beyond Bitcoin, with the fund recently launching its spot Ethereum ETF solution. These ETFs have not garnered the same attention as those focused on Bitcoin, but the quantity of ETH in BlackRock's wallet continues to increase.

It remains to be seen whether the financial behemoth will fully embrace Ethereum, but the trend appears to be favorable.