BlackRock's Crypto Portfolio Surges $4.8 Billion in July

BlackRock's crypto portfolio experienced a significant surge in July, increasing by nearly $5 billion. The firm's holdings rose from $49.15 billion on July 1 to approximately $53.95 billion on July 28, according to data from Arkham Intelligence.

The growth was primarily driven by the increase in value of BlackRock's iShares Bitcoin Trust ETF (IBIT), which saw its value surge by $3.64 billion, and the iShares Ethereum Trust (ETHA) that registered an increase of $1.16 billion.

The uptick in IBIT's value was attributed to the rising price of Bitcoin, which added 8.65% in July, trading at roughly $65,330 at the time of publication. However, BlackRock reduced its BTC holdings by 3,420 coins during this period.

On the other hand, ETHA's surge was due to an Ethereum price increase and renewed demand. BlackRock purchased 105,920 ETH, increasing its total holdings from 2.77 million on July 1 to 2.88 million on July 28.