BlackRock Buys Over $680 Million in Bitcoin in Two Days

Record-Breaking Bitcoin Buys 

Data from Lookonchain reveals that BlackRock made its first purchase on October 15, spending $294 million on Bitcoin. The following day, the firm upped the ante with a $390 million buy. This aggressive acquisition aligns with BlackRock’s ongoing confidence in Bitcoin’s potential. 

The majority of this action has been led by one of the largest and most successful Bitcoin ETFs, IBIT. It currently holds over $25 billion in AUM, ranking it among the top-performing ETFs of the decade. 

Leadership Endorses Bitcoin 

The C-suite at BlackRock has voiced unequivocal and impassioned support for Bitcoin. Most recently, Jay Jacobs, US Head of Thematics and Active ETFs at BlackRock, called for the Bitcoin market to reach $30 trillion in coming years. CEO Larry Fink described Bitcoin as an “independent asset class” on the most recent earnings call-a harbinger of its central role to play in the firm’s future strategy. 

IBIT Leads ETF Market 

As a spot ETF, IBIT requires BlackRock to hold significant amounts of Bitcoin to back its product. This week, IBIT recorded the highest inflow among Bitcoin ETFs, with $309 million on Thursday alone. Total inflows for the week hit $1.07 billion, according to SoSoValue, further solidifying IBIT’s leading position in the market.