BlackRock Accumulates Over $1.3 Billion Worth of Bitcoin After ETF Approval

In a significant development, BlackRock, one of the world's largest asset management companies, has swiftly amassed over $1.3 billion worth of Bitcoin in just 10 days after gaining regulatory approval for its spot Bitcoin ETF. This move has sent ripples through the cryptocurrency community and raised questions about the future of the crypto market.

BlackRock purchased a staggering 33,460 Bitcoins with an estimated valuation of $1.35 billion. These digital assets are held within the iShares Bitcoin Trust, which is essentially BlackRock's Bitcoin ETF. Remarkably, less than 0.01% of the trust's holdings are in U.S. dollars, amounting to a mere $67,284 in cash reserves, as reported by cryptocurrency observer MartyParty.

According to Bloomberg, BlackRock's ETF has become the first to exceed the $1 billion mark in Bitcoin holdings, thanks in part to $371 million in investments from the community. BlackRock remains focused on Bitcoin and Ethereum, and they have applied for approval to launch a spot Ethereum ETF, which is currently awaiting SEC approval.

CEO of BlackRock, Larry Fink, hinted at the possibility of launching a Ripple XRP ETF but later denied any such plans. The company's recent foray into the cryptocurrency ETF market has generated significant attention.

Jerry Timmer, the head of Macro Strategy at Fidelity, another major player in the ETF space, shared his thoughts on the crypto market. He believes that the initial drop in Bitcoin's price after the ETF launch is likely due to "selling on the news." Timmer remains optimistic about the cryptocurrency's future, citing its strong technical fundamentals, network growth, and the overall state of the traditional economy.

The rapid accumulation of Bitcoin by BlackRock has certainly turned heads in the cryptocurrency world, and it will be interesting to see how this development influences the broader market in the days to come.