"BlackRock bought a lot of BTC, will they dump it later?"
BlackRock, the world's largest asset management firm unwittingly just amassed a whopping $518 million worth of Bitcoin (BTC) cryptocurrency as its price surged to $52,000.
On Wednesday yesterday, BlackRock reportedly moved quickly to add 10,003 BTC to its new iShares Bitcoin Trust (IBIT) which is the hottest exchange traded fund (ETF) spot.
So here it can be seen that BlackRock currently holds 105,280 BTC worth $5.45 billion and it should be noted that eight ETF applicants have added 14,104 BTC worth $730.3 million, but Grayscale has reduced $99 million which is about 1,912 BTC.
BlackRock also made a massive purchase of 7,497 BTC worth $366.5 million on February 13, 2024 while eight ETFs and Fidelity each added 12,073 BTC worth $590 million and 3,039 BTC worth $148.5 million while Grayscale sold 1,147 BTC worth $56 million.
Please note that BlackRock launched IBIT in January 2024 and eight other financial groups also launched their own spot BTC ETFs last month.
It is well known that BlackRock has succeeded in dominating the mining world as they are the largest shareholders of the largest mining firms such as Riot Platform Inc, Marathon Digital Holdings, Cipher Mining and Terawulf Inc.
As of this writing, BTC price has surged by 5.20% to $52,042 in the last 24 hours with a market cap of $1 billion further recording a 16.95% climb over the last week.
