BlackRock Leads Bitcoin Accumulation, Adding $130M Worth of BTC to Its ETF

IconCryptoNewsTerminal Staff15 Jul, 2024

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BlackRock Leads Bitcoin Accumulation, Adding $130M Worth of BTC to Its ETF

BlackRock's Bitcoin Holdings Surge Blockchain analytics firm Lookonchain reports that nine U.S. bitcoin spot ETFs collectively increased their holdings by 4,184 BTC, valued at approximately $263 million, on Friday. Leading the charge was BlackRock's iShares BLCK US Bitcoin Spot ETF (IBIT), which acquired 2,072 BTC worth roughly $130 million. This brings IBIT's total BTC holdings to 316,276, representing an estimated value of $19.09 billion. Grayscale's Bitcoin Trust Sheds Holdings In contrast, Grayscale's Bitcoin Trust (GBTC) reportedly sold off 668 BTC, valued at approximately $42.06 million, during the same period. GBTC's BTC holdings now stand at 272,661, with an estimated value of $17.17 billion. This recent increase in institutional adoption of bitcoin suggests growing interest and confidence in the cryptocurrency. BlackRock's significant investment in particular highlights the increasing participation of major financial players in the bitcoin market.

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