U.Today – BlackRock (NYSE:) iShares Trust (IBIT) reigns supreme in the BTC ETF market. The asset manager has released its latest figures detailing current Bitcoin holdings. According to the product page on its website, total holdings have increased to over 342,000 BTC.
BlackRock's record Bitcoin holdings
It is worth noting that the current total holding amounts to 342,658.96610 BTC, as at the time the market price was trading at $65,770 per BTC. At this value, BlackRock's Bitcoin holding amounts to a whopping $22,537,283,282.30 as of July 31, 2024.
This marks a major win for BlackRock and comes a couple of weeks after U.Today reported that CEO Larry Fink now considers himself a “big Bitcoin believer.” This represents a fundamental shift from his previous stance on the digital asset. However, Fink claims to have realized that Bitcoin is authentic despite some apparent misuse of the world’s leading cryptocurrency.
Meanwhile, in terms of its USD Cash holdings, BlackRock holds a significant figure of 325,375.08 in its portfolio.
According to data, BlackRock witnessed an uptrend in July as evidenced by $525.5 million worth of Bitcoin ETF inflows on July 23. As per analysis, it was recorded as one of the highest returns for the asset manager.
BlackRock's expansion into ETFs
In a significant move, the financial giant joined other asset managers to launch a Bitcoin spot ETF in January, which has largely been successful. Meanwhile, having recorded massive success with Bitcoin ETFs, BlackRock wasted no time in filing for an Ethereum spot ETF.
Last month, the company's Ethereum spot ETF debuted alongside eight other companies.
Market watchers remain interested to see how the asset will perform and whether its success will mirror that of the Bitcoin ETF. Analysts are betting that BlackRock will pour funds into Ethereum just as it did with Bitcoin. However, they acknowledge that the growth trajectory may be slower.
This article was originally published on U.Today
