BlackRock has now accumulated more than 403K Bitcoin (BTC), equating a massive $26.98 billion in its ETF.
BlackRock, the world’s largest asset manager, is currently holding a substantial amount of Bitcoin (BTC), according to the firm’s disclosures.
The data reveals that BlackRock has accumulated 403,725 BTC, valued at approximately $26.98 billion, through its iShares Bitcoin Trust exchange-traded fund (ETF).
Blockchain analytics company Lookonchain reports that in just the past two weeks, BlackRock has acquired an additional 34,085 BTC, worth around $2.3 billion.
The iShares Bitcoin Trust ETF (IBIT) launched on January 5 of this year and has achieved a return of 44.80% as of September 30.
In a recent report, BlackRock, which manages over $10 trillion in assets, suggested that Bitcoin could serve as a hedge against the growing U.S. debt and various macroeconomic challenges.
The report noted, “Although Bitcoin has occasionally moved in tandem with equities and other ‘risk assets’ in the short term, its fundamental drivers differ significantly over the long term and often contrast with traditional investment assets.”
As the global investment landscape faces escalating geopolitical tensions, concerns about U.S. debt and deficits, and increasing political instability worldwide, Bitcoin may be viewed as a distinctive diversifier against these fiscal, monetary, and geopolitical risks that investors encounter in their portfolios.
Bitcoin is currently trading at $68,817 at the time of this publication.
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Also Read: Analyst Now Gives Bitcoin A Massive Price Target of $300K-$500K
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