BlackRock buys $388.19 million worth of Bitcoin, now holds $23.79 billion worth of BTC.

From Investing.com
September 27, 2024 2:00:24 pm:

BlackRock, with over $10 trillion in assets, recently purchased more Bitcoin than any ETF issuer sold in the past three weeks. The hedge fund’s IBIT spot Bitcoin ETF bought $388.19 million worth over four days. BlackRock now holds 362,193 BTC worth $23.79 billion, over 100,000 BTC more than Grayscale.

BlackRock views Bitcoin as a scarce, decentralized asset with no country or traditional counterparty risk. The firm sees BTC as digital gold rather than a tech stock beta. Additionally, BlackRock recently launched spot Ethereum ETFs, showing growing interest in cryptocurrencies beyond Bitcoin.

The acceptance and investment in Ethereum by financial giant BlackRock is a trend to watch. The firm’s increasing focus on Ethereum, in addition to Bitcoin, suggests a shift towards broader cryptocurrency acceptance and investment. It will be interesting to see the level of engagement BlackRock has with Ethereum moving forward.

Read more at Investing.com: BlackRock Buys Massive Amount of Bitcoin By U.Today