In just two days, BlackRock, the firm that created the IBIT Bitcoin ETF, has purchased more than $680 million worth of Bitcoin. These ostensibly massive purchases most likely occurred at the same time as IBIT’s price and popularity skyrocketed.
Record-Breaking Bitcoin Buys
Data from Lookonchain reveals that BlackRock made its first purchase on October 15, spending $294 million on Bitcoin. The following day, the firm upped the ante with a $390 million buy. This aggressive acquisition aligns with BlackRock’s ongoing confidence in Bitcoin’s potential.
The majority of this action has been led by one of the largest and most successful Bitcoin ETFs, IBIT. It currently holds over $25 billion in AUM, ranking it among the top-performing ETFs of the decade.
Leadership Endorses Bitcoin
The C-suite at BlackRock has voiced unequivocal and impassioned support for Bitcoin. Most recently, Jay Jacobs, US Head of Thematics and Active ETFs at BlackRock, called for the Bitcoin market to reach $30 trillion in coming years. CEO Larry Fink described Bitcoin as an “independent asset class” on the most recent earnings call-a harbinger of its central role to play in the firm’s future strategy.
IBIT Leads ETF Market
As a spot ETF, IBIT requires BlackRock to hold significant amounts of Bitcoin to back its product. This week, IBIT recorded the highest inflow among Bitcoin ETFs, with $309 million on Thursday alone. Total inflows for the week hit $1.07 billion, according to SoSoValue, further solidifying IBIT’s leading position in the market.