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According to recent on-chain data, BlackRock‘s iShares Bitcoin Trust, IBIT, currently holds over 500,000 BTC, making BlackRock the third-largest holder of Bitcoin after Satoshi Nakamoto and Binance. With about $48 billion in current holdings, the financial giant continues to grow its influence in the crypto market.
The ETF managed to do that in just 233 trading days, accumulating 2.38% of Bitcoin’s total supply. In total, BlackRock held 500,380 BTC as of December 2. The growth includes the recent $680 million buying spree to show the firm’s confidence in Bitcoin as a key asset.
Meanwhile, BlackRock’s chief executive, Larry Fink, turned from a Bitcoin skeptic to calling it an “independent asset.” Jay Jacobs, US Head of Thematics at BlackRock, once said that Bitcoin could be a $30 trillion market.
The IBIT fund has shattered records, with assets under management hitting $40 billion earlier this year. Its first day of options trading saw sales surpass $425 million, showcasing strong institutional interest. On December 2, IBIT recorded inflows of nearly $340 million, maintaining its lead in the Bitcoin spot ETF market.
However, critics worry about centralization. BlackRock’s growing dominance in Bitcoin ownership has sparked concerns about its alignment with Bitcoin’s decentralized ideals. Detractors argue that large financial institutions controlling significant Bitcoin supplies undermine its original purpose.
Despite the criticism, BlackRock’s expanding role highlights Bitcoin’s growing acceptance in traditional finance while stirring debate about its future in a decentralized ecosystem.
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