BlackRock has emerged as the world's largest Bitcoin fund within nine months of launching its Bitcoin ETF, IBIT. As of September 25, BlackRock holds 358,000 BTC worth around $22.76 billion, accounting for 1.70% of Bitcoin's total supply.
Despite recent market volatility, BlackRock continued to purchase Bitcoin, surpassing Grayscale's holdings by nearly 100,000 BTC. Conversely, Grayscale leads in Ethereum holdings with 2.104 million ETH.
Robbie Mitchnick, head of digital assets at BlackRock, argues that Bitcoin should not be seen as a 'risk-on' asset, noting its similarities to gold and emphasizing its decentralized nature and global reach. He highlights Bitcoin's lack of country and counterparty risk, making it an attractive option for portfolio diversification.
Currently, Bitcoin is trading at $63,220, down slightly from its recent high of $64,700. BlackRock's ongoing support endorses Bitcoin's long-term value and technological foundation.
