"BlackRock bought a lot of BTC, will they dump it later?"
BlackRock, the largest asset management firm in the world has just gone unnoticed amassed a whopping $518 million worth of Bitcoin (BTC) cryptocurrency as its price surged steadily up to $52,000.
On Wednesday yesterday, BlackRock reportedly acted quickly added 10,003 BTC to iShares Bitcoin Trust (IBIT) the new which is spots exchange traded funds (ETFs) are getting the most attention.
So here it can be seen that BlackRock currently holds 105,280 BTC worth $5.45 billion and it should be noted that eight ETF applicants have added 14,104 BTC worth $730.3 million, but Grayscale has reduced $99 million, which is about 1,912 BTC.
BlackRock also made a massive purchase of 7,497 BTC worth $366.5 million on February 13, 2024 while eight ETFs and Fidelity each added 12,073 BTC worth $590 million and 3,039 BTC worth $148.5 million while Grayscale sold 1,147 BTC worth $56 million.
Pleased to note BlackRock launched IBIT in January 2024 then eight other financial groups also launched their own spot BTC ETFs last month.
It is well known that BlackRock is successful dominate the mining world subsequently they are the largest shareholders of the firms mining the largest such as Riot Platform Inc, Marathon Digital Holdings, Cipher Mining and Terawulf Inc.
As of this writing, BTC price has surged by 5.20% to $52,042 in the past 24 hours with a market cap of $1 billion further recording a 16.95% climb over the past week.
