A recent report reveals that BlackRock, the world's largest asset manager, has acquired a substantial stake in the iShares Bitcoin Trust ETF (IBIT), further solidifying its position in the cryptocurrency market.
BlackRock's Share Acquisition
In a recent SEC filing, BlackRock disclosed the purchase of 2,535,357 shares of iShares Bitcoin Trust ETF valued at $91.6 million. This acquisition significantly enhances the company's influence over this fund.
IBIT's Record Trading Volumes
According to SoSoValue data, IBIT attracted $230 million worth of inflows on Wednesday. Analyst Eric Balchunas noted that the ETF logged $5 billion in daily trading volume, setting a new record. Only three ETFs saw higher trading activity on that day.
IBIT's History and Growth
BlackRock first disclosed its intention to add IBIT exposure to other funds in March of last year. Launched in January, the product quickly gained traction and is now approaching $30 billion in cumulative inflows. IBIT's total net assets currently stand at $42.56 billion.
These moves by BlackRock indicate growing confidence among major financial players in the potential of cryptocurrency assets, hinting at further institutional interest in this market.
