BlackRock continues its aggressive accumulation of Bitcoin, reaching a total of 363,626 BTC by September 27. The asset manager's latest purchase includes 1,434 BTC valued at $94.3 million, bringing its total acquisitions over four days to 5,894 BTC, worth $387.68 million.
As BlackRock solidifies its position among top institutional Bitcoin holders, it closes in on Binance, which holds approximately 550,000 BTC. BlackRock's growing holdings highlight the firm's bullish stance on crypto.
The asset manager's head of digital assets, Robbie Mitchnick, views Bitcoin as a risk-off asset, describing it as shielded from currency debasement and political turmoil. BlackRock's pivot toward Bitcoin reflects a significant shift, particularly for CEO Larry Fink, who was a previous skeptic of the digital currency.
In addition to direct Bitcoin holdings, BlackRock's IBIT Bitcoin ETF leads the spot BTC ETF market with $21.42 billion in inflows, outpacing rivals like Fidelity's FBTC. The overall enthusiasm for Bitcoin ETFs in the US marks a notable trend in institutional acceptance.
While BlackRock's success in the ETF market underscores institutional interest, it also raises concerns about potential custody issues and whether institutional control might erode Bitcoin's foundational principles aimed at decentralization.
