Source: Blockchain Knight
BlackRock remains very stable in BTC accumulation, with 363,000 BTC in its portfolio as of September 27. BlackRock has been bullish on Crypto assets for nearly a decade, and according to observations, this attitude will continue.
As BTC holdings grow, BlackRock is also consolidating its position as a major institution in the field of Crypto assets.
BlackRock purchased 1,434 BTC on September 27, worth $94.3 million. In the past four days, the total purchase reached 5,894 BTC, worth $387.68 million.
This is another purchase after the purchase of 4,460 BTC (worth $289 million) on September 26.
Lookonchain reported: "BlackRock has increased its holdings by 5,894 BTC (about $387.68 million) in the past three days, and currently holds a total of 363,626 BTC (about $23.68 billion)."
BlackRock is the third largest BTC holder, second only to Satoshi Nakamoto and Binance. As BlackRock continues to increase its holdings of BTC, it is approaching Binance, which reportedly owns about 550,000 BTC.
Robbie Mitchnick, BlackRock’s head of digital assets, said: “Fundamentally, BTC is a risky asset that is not tied to the economic health or policies of any one country. At the same time, as a scarce asset, BTC is not subject to common risks such as currency devaluation and political turmoil.”
“BTC’s correlation with stocks has had periods of surges and periods of negative growth.Gold has shown the same pattern, with some temporary surges, but in the long run, it is close to zero.”
It is worth noting that BlackRock’s newly discovered BTC pivot marks a major shift, especially for the company’s CEO Mitchnick.
Mitchnick was once an outspoken BTC skeptic and has always believed that BTC is a speculative and potentially dangerous asset.
While the company is actively buying BTC, its flagship product IBIT is also leading the spot BTC ETF market.
As of September 27, the fund's cumulative net inflows reached $21.42 billion, followed by Fidelity's FBTC with a net inflow of $9.99 billion.
Like other issuers, BlackRock provides institutional investors with indirect BTC investment through this financial instrument.
Following the landmark approval of the BTC ETF in the United States in January this year, institutional enthusiasm for BTC has also risen. As of the close of last Friday, the cumulative net inflows of all issuers totaled $18.80 billion.
Notably, because BlackRock’s IBIT remains the most successful spot BTC ETF on the inflow metric, custody concerns have been raised. Investors have questioned why BTC’s price performance does not reflect positive flows.
On the other hand, some worry that increased institutional adoption of BTC could threaten or erode BTC’s founding principles.
Specifically, institutional control of the Crypto asset space would shift power back to the entities that BTC was designed to bypass.
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