BlackRock's IBIT Adds Billions in Bitcoin Amid Market Turmoil
BlackRock's iShares Bitcoin Trust (IBIT) has seen significant accumulation over the past 20 days, adding approximately $1.08 billion worth of Bitcoin to its holdings.
The trust now holds around 785,900 BTC, valued at nearly $61 billion. This substantial increase in Bitcoin exposure makes IBIT one of the largest investment products holding Bitcoin on behalf of shareholders.
The added funds were not part of BlackRock's corporate treasury but rather belong to the trust and are held for investors. As a result, increased subscriptions can require IBIT to purchase additional Bitcoin to back newly created shares.