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Cryptocurrency News Articles
BlackRock CEO Larry Fink Declares Himself a 'Big Bitcoin Believer' as Firm Loads Up on BTC
Sep 29, 2024 at 07:47 pm
Now, BlackRock holds nearly $24 billion worth of Bitcoin (BTC) on behalf of its Btc Spot ETF investors. BlackRock's CEO declared himself a "big Bitcoin believer."
Fund management giant BlackRock now holds nearly $24 billion in Bitcoin (BTC) on behalf of its Btc Spot ETF investors. Notably, BlackRock CEO Larry Fink has declared himself a “big Bitcoin believer.”
World’s Largest Fund Manager BlackRock Now Hodls 365,310 BTC
BlackRock, the world’s largest fund manager, is now holding a massive amount of Bitcoin on behalf of its investors. According to recent data, BlackRock now holds 365,310 BTC, which is valued at around $24 billion at the current trading price of Bitcoin.
This development highlights the growing interest and involvement of traditional financial institutions in the cryptocurrency market. Earlier this year, the United States Securities and Exchange Commission (SEC) approved several Bitcoin spot ETF applications, including BlackRock’s IBIT.
BlackRock Commences Trading Btc Spot ETF (IBIT)
On Friday of this week, the U.S. Bitcoin spot ETF market saw net inflows of $494.4 million, which marks the highest net inflows since June 4, when the net inflows stood at $886.6 million.
notably, the Bitcoin spot ETFs had a total net inflow of $494 million on September 27, continuing net inflows for 7 consecutive days. Ark Invest and 21Shares’ ETF ARKB had an inflow of $203 million, and Fidelity ETF FBTC had an inflow of $124 million.
BlackRock, which has nearly $10 trillion in assets under management—an amount that exceeds the GDP of several countries—applied to the SEC for permission to begin trading the BlackRock Btc Spot ETF (IBIT) on March 24. The SEC then approved the ETF on October 20. Finally, IBIT commenced trading on the New York Stock Exchange Arca on January 20.
BlackRock’s Btc Spot ETF (IBIT) began trading on the NYSE Arca exchange. The ETF, which tracks the performance of spot Bitcoin prices, is designed to provide investors with exposure to Bitcoin without having to directly purchase and store the cryptocurrency themselves.
BlackRock CEO Larry Fink, who was initially skeptical of cryptocurrencies, has now expressed optimism about Bitcoin. In a recent interview, Fink said, “For the first three years I was a naysayer, and about two years then I switched and I’m a big believer (in #Bitcoin).”
According to available records, BlackRock now holds a total of 365,310 BTC on behalf of BTC spot ETF investors, corresponding to $24 billion at the current Bitcoin trading price.
Meanwhile, Bitcoin’s price remained relatively stable on Friday. At the time of writing on Saturday morning, Bitcoin’s trading price is $65,693, and the crypto has risen by 0.05% in the last 24 hours.
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