BlackRock Gains Traction With Staggering Bitcoin Inflows, Surpasses $1.3B

According to recent reports, the investment firm BlackRock has garnered attention with a staggering inflow of Bitcoins, following the spot Bitcoin ETF. MartyParty, a prominent voice in the blockchain space, recently shared an X post, providing updates on BlackRock’s net inflow of Bitcoins that surpassed $1.3 billion.

Blackrock $IBIT holding update: Up to $1,346,912,907.59 in Bitcoin 👀 pic.twitter.com/GthPyZVDBR

— MartyParty (@martypartymusic) January 22, 2024

According to the tweet shared by MartyParty, BlackRock has acquired about 33,430 Bitcoins worth $1,346,912,907.59 within 10 days of ETF approval. iShares Bitcoin Trust’s updates on the matter revealed that BlackRock’s portfolio consists of nearly 100% Bitcoins and about $67,284.

Source: iShares Bitcoin Trust

On January 10, the crypto community witnessed the realization of the U.S. Securities and Exchange Commission’s (SEC) long-anticipated Bitcoin ETF approval. Subsequently, BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), started ETF trading on January 12, 2024. The platform quickly gained traction, surpassing the significant $1 billion milestone in assets under management (AUM) within a week. Reflecting on the achievement, Robert Mitchnick, the Head of Digital Assets at BlackRock, cited,

We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand. This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.

According to a Bloomberg report, BlackRock is the first among the new ETF platforms to surpass the $1 billion threshold. The report stated that the community’s $371 million investment has significantly contributed to this acquisition.

Todd Sohn, an ETF Strategist, stated that BlackRock’s positive track is not surprising as they “have the sources.” Adding that their acquisition proves their seriousness about the ETF as an “asset class,” he added, “There’s too much opportunity to not have some power behind the launch.”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source