Key Takeaways
- BlackRock clients invested $65million in Bitcoin in a single day.
- The purchases were made through BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT)
BlackRock’s IBIT took in around $65 million in Bitcoin on Monday, marking another significant institutional investment in the leading cryptocurrency through the asset management giant’s services.
BlackRock has been actively facilitating institutional access to Bitcoin through exchange-traded funds, enabling both institutional and retail investors to gain exposure to digital assets via established financial products.
The purchase reflects sustained Wall Street interest in Bitcoin during periods of price consolidation. Recent market discussions suggest such institutional accumulation by traditional finance players demonstrates growing confidence in Bitcoin’s role as a store of value.
Asset managers like BlackRock continue enabling broader institutional entry into Bitcoin, with these large-scale purchases potentially signaling support for renewed upward momentum in the cryptocurrency market.
Source: https://cryptobriefing.com/blackrock-clients-bitcoin-purchase-2024/
