The world’s biggest asset management platform BlackRock has recently been making significant moves in the crypto market. As per Lookonchain, a prominent on-chain analytics firm, BlackRock has purchased more $BTC in a series of buyouts, adding a staggering 14,745 $BTC (equaling $1B) to its holdings in only 3 days. The analytics provider took to its X account to provide the details of this development.
BlackRock Acquires a Staggering $1B in $BTC, Raising Eyebrows of the Market Onlookers
Lookonchain pointed out that BlackRock’s move of acquiring $1 billion in $BTC highlights the platform’s wider strategy for Bitcoin exposure. This buying spree took place after the reports revealed the acquisition of 5,802 $BTC tokens by BlackRock a day before. This figure accounts for an amount of $390.2M. The respective purchase took place after another sizable buyout on the previous day. This included the purchase of up to 10,126 $BTC. This figure denotes a value of nearly $681M.
The Recent $BTC Purchases Mirror BlackRock’s Strategy to Increase Bitcoin Exposure
Keeping that in view, in just 3 days, the cumulative $BTC holdings of BlackRock have jumped to a great extent. As a result of this, the holdings have touched 385,591 $BTC with a worth of approximately $26.55B. These buyouts highlight a continuation of the platform’s strategy to increase its Bitcoin exposure. Both the retail and institutional investors have been keenly watching this move for a potential impact. As Lookonchain reported, the speed of Bitcoin acquisitions by BlackRock is noteworthy specifically as the platform keeps looking for approval from the US SEC for a spot $BTC ETF.
