Key Takeaways
- BlackRock bought $1 billion in Bitcoin last week, with another $300 million on Monday.
- The company now holds 399,525 BTC and continues daily purchases.
- BlackRock increased its stake in MicroStrategy to 5.2%, expanding its Bitcoin exposure.
BlackRock, the world’s largest asset manager, made significant Bitcoin acquisitions last week, buying $1 billion worth of BTC, according to Arkham Intelligence. The company has been steadily purchasing Bitcoin daily, typically in increments of 600 BTC, bringing its total holdings to 399,525 BTC. On Monday, BlackRock continued its buying spree, adding another $300 million in Bitcoin, or 4,369 BTC.
The company’s Bitcoin ETF, IBIT, has led October inflows, highlighting the success of its strategy in the growing Bitcoin market. CEO Larry Fink has been a vocal supporter of Bitcoin, positioning it as a distinct asset class.
In addition to its Bitcoin purchases, BlackRock increased its stake in MicroStrategy to 5.2%. This deepens its connection to the Bitcoin market, as MicroStrategy is one of the largest corporate holders of Bitcoin. Bloomberg ETF analyst Eric Balchunas noted that BlackRock’s investment in MicroStrategy offers exposure to Bitcoin with less volatility compared to a 4x Bitcoin ETF.
BlackRock’s combined investment strategy, involving both direct Bitcoin buys and corporate BTC-related assets, is helping drive MicroStrategy stock to its highest level in 24 years.
