BlackRock Keeps 572,658 BTC
BlackRock’s Bitcoin holdings are on an upward momentum. Lookonchain data showed BlackRock’s iShares Bitcoin ETF (IBIT) saw an inflow of 432 BTC at the mid-week trading session. The world’s largest asset manager now has an astounding 572,658 BTC.
BlackRock’s model investment portfolios known for incorporating alternative assets, include its IBIT exchange-traded fund, the first Bitcoin ETF available on the market. iShares Bitcoin Trust fund, which has become the leading product in the Bitcoin spot ETF market, will receive 1 to 2 percent of the allocation. It accounts for over 70% of the market share in terms of trading volume.
BlackRock views BTC as a long-term strategic investment.
Bitcoin’s capabilities as a global monetary alternative, a hedge against the US dollar’s hegemony, and a store of value made it the crypto-asset leader, according to the asset manager in multiple arguments. Furthermore, the digital transformation of goods and services is perceived as a means of profiting from Bitcoin.
BTC is “a valuable addition to diversified investment portfolios,” hedging against international political and economic risks. The world’s largest asset manager’s love for Bitcoin amid the evolving digital space shows acceptance in traditional finance.
Markets probably wouldn’t have believed it to this degree if we had been told that the titan BlackRock would praise Bitcoin in such an objective manner.
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