BlackRock's Significant Bitcoin Purchase

As recently reported by Arkham Intelligence, BlackRock (NYSE: BLK), the giant hedge fund with over $10 trillion in assets under management, purchased more Bitcoin (BTC) this week than any ETF issuer has sold in the past three weeks. The purchases were made for BlackRock's own IBIT spot Bitcoin ETF and totaled approximately $388.19 million over the past four days.

Total Holdings

As of today, BlackRock's total cryptocurrency holdings amount to 362,193 BTC, equivalent to $23.79 billion. This is over 100,000 BTC more than the nearest competitor, Grayscale.

BlackRock's View on Bitcoin

There is no mystery behind BlackRock's groundbreaking activity towards Bitcoin. The fund's head of digital assets revealed that they view Bitcoin not as a risky gamble but as a scarce, global, decentralized, non-sovereign asset with no country risk and no traditional counterparty risk.

From the perspective of a $10 trillion asset management firm, BTC resembles digital gold more than a beta to the NASDAQ and tech stocks.

Interest in Ethereum

BlackRock's interest in cryptocurrencies extends beyond Bitcoin; they recently launched a spot Ethereum ETF solution. Although these ETFs have not garnered the same hype as those focused on Bitcoin, the number of ETH in BlackRock's wallet is still increasing.

It remains to be seen if Ethereum will gain the same level of acceptance from the financial giant, but the trend appears promising.

This article was originally published on U.Today