In recent weeks, BlackRock, a premier Spot Bitcoin ETF issuer, strategically acquired 12,272 Bitcoins to augment its crypto portfolio. The purchase, valued at $742 million, was made during a period when Bitcoin prices were under $60,000, covering dates from August 27 to September 24.
This acquisition boosts BlackRock's holdings to an impressive 369,822 BTC, estimated at $22.4 billion. Simultaneously, Bitcoin ETFs are experiencing net outflows, with 983 BTC reportedly withdrawn on October 10. This trend highlights differing investment strategies during volatile market conditions.
The purchase indicates BlackRock's bullish stance on Bitcoin despite recent outflows, reflecting confidence in its long-term value proposition amidst fluctuating ETF interest. The company's active acquisition strategy signals optimism in Bitcoin's enduring appeal and potential profitability.
