BlackRock Floods Crypto Market with $3.1 Billion Investment
BlackRock has invested significantly in cryptocurrencies over the past two weeks, capitalizing on the market's recovery. The investment giant purchased crypto assets worth more than $3.1 billion in just eight consecutive days. According to on-chain data analysis from Arkham Intelligence, BlackRock's iShares Bitcoin Trust (IBIT) acquired 22,722 BTC valued at around $2.2 billion over this period.
In addition to its Bitcoin purchases, BlackRock also accumulated 385,633 ETH worth approximately $961 million through its iShares Ethereum Trust ETF (ETHA). The firm received both ETH and BTC from Coinbase Prime, an institutional-grade prime brokerage platform backed by Coinbase Global Inc. (NASDAQ: COIN).
The data shows that IBIT has recorded nine consecutive days of cash inflows totaling $2.302 billion between August 17 and August 27. This has resulted in a significant increase in BlackRock's Bitcoin holdings, reaching $62.29 billion at the time of reporting.