This institution went from 0 to 122,600 Bitcoin (BTC) in six weeks

Blackrock has become one of the most influential players in the crypto market. Indeed, the world's largest asset manager collected 122,600 Bitcoin (BTC) in just six weeks.

The purchase makes BlackRock the 11th largest holder of the digital currency, accounting for 0.6% of Bitcoin's circulation.

Blackrock now holds $6.31 billion in bitcoins

The journey began with relatively modest BlackRock Bitcoin ETF addresses at 228 BTC, a prerequisite for aggressive purchases. Meanwhile, the first week of trading saw an increase of 2,621 BTC, worth approximately $110.91 million. But this was just the beginning.

In the second week, the revenue increased to 26,002 BTC, which exceeded the company's total investment of 1 billion dollars. This rapid accumulation marks BlackRock's foray into cryptocurrency. It also reflected the wider acceptance of Bitcoin as a legal asset class among traditional investment firms.

BlackRock's strategy continued in the coming weeks, maintaining a steady pace of acquisitions. In fact, he added more than 41,000 BTC to his holdings in the third and fourth weeks, with investments close to $1.7 billion. Despite a slight slowdown in the fifth week, BlackRock's commitment remained unwavering, as BTC price rebounded to $38,000. The company took the opportunity to “buy the dip” by adding 12,510 BTC.

The sixth week saw a significant upturn in Bitcoin's market value and BlackRock's investment strategy. With BTC crossing the $50,000 barrier, BlackRock added 33,474 BTC to its portfolio, the largest weekly purchase to date. According to the latest data, the company's continued investment momentum suggests a total weekly BTC purchase of nearly $692 million.

Read more: How to trade Bitcoin ETF: A step-by-step approach

This aggressive investment strategy by BlackRock is a strong vote of confidence in Bitcoin and its underlying technology. By moving from traditional assets like real estate to cryptocurrencies, BlackRock is shaping its investment portfolio.

The implications of BlackRock's entry into the Bitcoin market are far-reaching. Indeed, it serves as a beacon for other institutional investors. It also indicates that crypto is growing in acceptance as an important part of various investment strategies.

CEO Larry Fink highlighted the limited availability of Bitcoin, likening it to gold, a common asset often sought for security. Similar to gold, Bitcoin acts as a hedge asset, especially during times of geopolitical uncertainty.

“I am a believer because I believe it is an alternative source of wealth. I don't believe [Bitcoin] It will be currency. I believe it is a seizure of property. But, we create digital currencies and use the block,” Fink said.

Read more: Bitcoin price prediction for 2024/2025/2030

As more traditional financial giants explore digital assets, the lines between traditional and digital finance are blurring, paving the way for a new era of investment.