BlackRock Goes Big on Bitcoin: $416M Buy Boosts Holdings to $85.4B

Asset Manager on a Buying Spree as IBIT ETF Soars

BlackRock just can't stop scooping up Bitcoin! The asset management giant is on a wild accumulation streak, pumping more BTC into its already massive portfolio as its exchange-traded fund rides high.

Holy moly, BlackRock dropped another $416 million on Bitcoin, snagging around 3,478 BTC at the time of purchase. This is just the latest in a month-long buying frenzy that saw them add $216 million to their stash just over a week ago. These folks are on fire!

With this latest move, BlackRock's portfolio is now a whopping 716,500 BTC, valued at about $85.4 billion at today's prices. That's a staggering 3.6% of all the Bitcoin out there, making them one of the biggest whales in the game.

BLACKROCK IS BUYING $BTC BlackRock just bought $416M of Bitcoin. Current Holdings: $85.47B BTC (3.6% of circulating supply)

BlackRock's buying spree is happening as demand for their IBIT ETF goes through the roof. These guys are leading the charge among U.S.-listed spot BTC ETFs, pulling in a mind-blowing $799.4 million in inflows in the latest round. IBIT alone raked in a cool $764 million, extending their winning streak to ten days straight. It's insane!

The surge in demand is happening as Bitcoin itself hits new heights, recently blasting past $123,000 during the latest market rally. These ETFs are absolutely crushing it, topping global charts since April alongside their Ethereum buddies. They've pulled in a jaw-dropping $20 billion in inflows during this time, more than any other ETF category out there.

Analysts are saying that the skyrocketing demand for these spot ETFs is the main force behind Bitcoin's epic rally. Unlike past runs driven by retail speculation, these ETFs are bringing in a steady stream of institutional cash that's providing stronger, more sustainable support. It's a whole new ballgame!

The positive vibes are fueling some seriously bold price predictions for BTC, with some folks saying it could hit $200,000 by the end of the year. At the time of writing, Bitcoin is trading just above $118,620, up about 1% in the last day. Buckle up, because this ride is far from over!