BlackRock Buys $612M in Bitcoin as US-Iran War Escalates

• BlackRock bought over $600 million worth of Bitcoin in five days amid U.S.-Iran tensions.
• Bitcoin ETFs recorded $240.42 million in daily net inflows, despite unrealized losses.
• IBIT leads the market with over $63 billion in cumulative net inflows and $57.8B in net assets.

BlackRock increased its Bitcoin holdings by about $612.1 million over five days, according to Arkham Intelligence data. The purchases were executed through IBIT, which recorded the highest inflows among U.S. spot Bitcoin ETFs during the period. 

Notably, BlackRock did not stop Bitcoin accumulation despite the U.S. and Iran failing to reach an agreement on key terms after a 21-hour meeting in Pakistan.

Portfolio Remains Concentrated in Bitcoin

On-chain data shows that BlackRock’s crypto portfolio is valued at approximately $62.75 billion as of April 13, 2026. Bitcoin accounts for the majority of holdings, with about 788,927 BTC valued at roughly $56 billion.

Ethereum is the second-largest holding, with more than 3 million ETH valued at about $6.7 billion. Other digital assets, including stablecoins and smaller tokens, account for a small portion of the portfolio.

Transaction data indicates that asset movements continue to flow through Coinbase Prime. The platform serves as BlackRock’s primary custody and execution partner, handling nearly all deposits and withdrawals linked to its crypto operations.

Losses Persist Amid Market Pullback

Despite the recent purchases, the value of BlackRock’s crypto holdings has declined from a peak of over $110 billion recorded in late 2025. The decrease reflects a correction in cryptocurrency prices rather than large-scale selling.

At press time, Bitcoin trades near $71,000, below an estimated average entry price of about $89,000 for IBIT investors. This gap places ETF holders at an estimated unrealized loss of around $12 billion.

Despite these losses, inflows into Bitcoin ETFs have not stopped. Daily flow data shows alternating periods of inflows and outflows, but the cumulative trend remains positive. This suggests that some investors continue to allocate capital during periods of lower prices.

ETF Market Records Steady Inflows

Data from SoSoValue shows that the U.S. Bitcoin spot ETFs recorded $240.42 million in daily net inflows as of April 10. Cumulative net inflows across all Bitcoin ETFs have reached approximately $56.76 billion, with total net assets near $94.98 billion.

IBIT remains the largest fund in the category. It has attracted about $63.73 billion in cumulative inflows and holds roughly $57.81 billion in net assets. Competing funds from Fidelity Investments and Grayscale Investments trail behind in total inflows.

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