YEREVAN (CoinChapter.com) — Financial giant BlackRock’s Bitcoin holdings have surged to 45,700 BTC. This substantial growth followed the successful launch of its spot Bitcoin ETF on Jan. 10, which received the green light from the US Securities and Exchange Commission (SEC).
Let’s take a closer look at the ETF.
Bitcoin Spot ETFs To Change The Landscape
As CoinChapter reported at the time, on the trading day, the volume for the 11 newly sanctioned Spot Bitcoin ETFs exceeded a whopping $4.5 billion.
The pertinent question is the quantity of Bitcoin that BlackRock, the leading issuer of these spot ETFs, possesses as it approaches its first complete month of trading. Let’s delve into the specifics of the BlackRock Bitcoin holdings.
Throughout the final months 2023, the digital asset industry entered a frenzy, anticipating the ETF approval as a “groundbreaking” event. Then, in a significant development early in the new year, the SEC approved numerous applications for this investment tool.
The industry expected the Spot Bitcoin ETFs, including offerings from other major financial firms like Fidelity and Franklin Templeton, to impact the cryptocurrency landscape profoundly. Experts believe these funds may transform the way investors engage with Bitcoin, offering new levels of accessibility and exposure.
Eric Balchunas, an analyst at Bloomberg, underscored the potential impact of BlackRock’s application, noting that their participation changed the dynamics significantly, as they are a firm that likes to bring a strong competitive edge.
When [BlackRock] filed [for a spot Bitcoin ETF], it was a whole different ballgame in my opinion. The fact is they generally like to bring a gun to a knife fight. This is a firm who doesn’t like to lose, who knows what they’re doing, and they must see something [in Bitcoin].
Balchunas emphasized.
BlackRock Bitcoin Holdings Make it a Whale
With the green light on, all 11 issuers prepared to launch the next day. Expectations were high for their iShare Bitcoin Trust to be one of the top performers among all the issuers.
Two weeks into trading, BlackRock holds nearly 45,700 BTC, 45xact, worth more than $1.8 billion. Thus, its Spot Bitcoin ETF is backed. While the opening weeks were successful, the high fund inflow could continue well into Q1.
BlackRock CEO Larry Fink also professed his support of the digital assets rise to prominence. In a recent interview with CNBC, he likened it to Gold in that it is a sanctuary asset.
