© Reuters. BlackRock's Updated Bitcoin (BTC) Holdings Discovered, Hold On Tight
U.Today – In a surprising revelation, BlackRock (NYSE:), the world's largest hedge fund, has quickly amassed an impressive 16,361 BTC for its recently listed spot ETF. The iShares Bitcoin Trust (IBIT) now has a staggering market value of $707.43 million, making it a major player in the digital currency space.
Surpassing even Tesla's (NASDAQ:) notable buildup, BlackRock's Bitcoin holdings now rank as the third-largest among public companies, underscoring the rapid success of its newly launched ETF. Notably, this notable achievement came less than a week after the historic debut of spot Bitcoin ETFs on the NASDAQ.
According to Bloomberg senior analyst Eric Balchunas, IBIT has shown notable market activity. On Tuesday, January 16, the ETF surpassed the 500 new 2023 ETFs, underscoring the increased interest and trading volume surrounding BlackRock's cryptocurrency venture.
Rotten apple
However, this meteoric rise of BlackRock's Bitcoin holdings is not without its challenges. Positive inflows into ETFs coincide with outflows from the Grayscale fund. In an effort to address financial issues, Grayscale transferred 9,000 BTC, equivalent to $385 million, to Coinbase (NASDAQ:) for settlement, affecting BTC spot sales.
While Grayscale continues to manage a substantial amount of 617,000 BTC, the fund's lingering influence may pose limitations for the cryptocurrency market. Investors eager to exit the ETF could intensify pressure on BTC spot sales on Coinbase, adding a layer of complexity to the evolving landscape.
This article was originally published on U.Today.
