BlackRock Bitcoin Holdings Reaches 363,626 BTC, Binance in Sight

BlackRock remains calm with appetite for Bitcoin stock, growing its portfolio to 363,626 BTC as of Friday, September 27. The asset manager has been bullish on crypto for nearly a decade and shows no signs of stopping.

As it grows its Bitcoin holdings, BlackRock is consolidating its position among the major institutional players in the crypto playing field.

Blackrock grows its Bitcoin portfolio with the purchase of 1,434 BTC

The asset manager bought 1,434 BTC worth $94.3 million on Friday, bringing his total purchases over the past four days to 5,894 Bitcoin, worth $387.68 million. This is after the purchase of 4,460 BTC for 289 million dollars on September 26. BlackRock now has 363,626 bitcoins worth $23.68 billion.

“BlackRock buys another 1,434 BTC ($94.3 million)! BlackRock (IBIT) has added 5,894 BTC ($387.68 million) to its holdings in the past 3 days and now holds a total of 363,626 BTC ($23.68 billion), Lookonchain reports.

Blackrock is the third largest holder of Bitcoin after Satoshi Nakamoto and Binance. The company is closing in on Binance with about 550,000 BTC as it increases its holdings.

Read more: Who will have the most Bitcoins in 2024?

The traction comes as BlackRock sees Bitcoin as a haven. Robbie Michnick, head of digital assets, argues that bitcoin is essentially a risk-free asset. According to Michnik, Bitcoin is not tied to the economic health or policies of any country. It says its rare property. [BTC] It is free from the usual risks of currency collapse and political instability.

“There have been periods when Bitcoin's correlation with stocks has been bullish and negative. “In fact, gold shows a lot of the same patterns where these temporary periods are emerging, but long-term, near zero,” Michnick said.

It's worth noting that BlackRock's newfound bitcoin stake marks a particularly big shift for the firm's CEO, Larry Fink. He was an outspoken Bitcoin skeptic with a history of dismissing BTC as a speculative and potentially risky asset.

BlackRock IBIT leads the spot bitcoin ETF market.

Although the company aggressively buys Bitcoin, its flagship IBIT Bitcoin ETF (Exchange Traded Fund) is the leader in the BTC ETF market. Accumulated net income as of September 27 was $21.42 billion, followed by Fidelity FBTC at $9.99 billion. Like other issuers, BlackRock offers institutional investors indirect exposure to BTC through this financial instrument.

Following the adoption of Bitcoin ETFs in the US in January, institutional interest in Bitcoin has increased. The combined total net income of all issuers was $18.80 billion at the close of business on Friday.

In particular, as BlackRock's IBIT continues to be the most successful Bitcoin ETF on flows metrics, it has raised security concerns. Investors question why Bitcoin's price performance has failed to reflect positive flows.

Read more: How to Trade Bitcoin ETF: A Step-by-Step Approach

On the other hand, some worry that increased institutional adoption could threaten or erode the principles on which Bitcoin was founded. In particular, institutional control in the crypto space reverts to entities that intend to pass the power to Bitcoin.