BlackRock is not giving up on its Bitcoin expansion. It holds 363,626 BTC in stashes as of September 27th. Since the cryptocurrency explosion almost a decade ago, BlackRock has continuously made crypto investments.
On Friday, BlackRock added 1,434 BTC, worth $94.3 million, making the total 5,894 BTC bought in the last four days, or close to $388 million. The company’s total Bitcoin is now worth $23.68 billion, placing the firm as the third-largest Bitcoin holder after Binance and Satoshi Nakamoto, the pseudonym of Bitcoin’s creator.
If Binance currently holds an estimated 550,000 BTC, BlackRock is catching up fast. To Robbie Mitchnick, head of digital assets at BlackRock, the firm thinks of Bitcoin as a “risk-off” asset. He further explained that since Bitcoin isn’t part of any single country’s economy or political landscape, it is considered to be a store of value which is resilient against currency debasement and political instability.
This marks a significant shift for BlackRock, especially its CEO, Larry Fink, who was once a vocal Bitcoin skeptic. Fink’s change of heart underscores how traditional financial giants are increasingly embracing crypto.
BlackRock’s Bitcoin ETF Dominates Market
In addition to its Bitcoin holdings, BlackRock’s IBIT Bitcoin ETF leads the spot Bitcoin ETF market, with net inflows reaching $21.42 billion by September 27. This positions it far ahead of competitors like Fidelity’s FBTC, which trails with $9.99 billion in inflows.
Since the approval of Bitcoin ETFs in the U.S. earlier this year, institutional interest in Bitcoin has surged. As of Friday’s close, the cumulative total net inflow across all issuers hit $18.80 billion.
While BlackRock’s IBIT ETF continues to attract investors, some are concerned that this surge in institutional adoption could shift control of Bitcoin into the hands of traditional financial institutions—the very entities Bitcoin was created to avoid. Despite these concerns, BlackRock remains on course to further expand its crypto portfolio, solidifying its position as a dominant force in the market.
