BlackRock, one of the largest asset management firms in the world with over $10 trillion in assets under management, has been making headlines for its recent aggressive accumulation of Bitcoin (BTC). According to new data from blockchain analytics firm Arkham, BlackRock purchased a staggering $2.6 billion worth of Bitcoin in just one week, averaging more than half a billion dollars in BTC acquisitions each day.
The firm’s Bitcoin buying spree comes at a time when the cryptocurrency is trading at $99,137, showing a slight decrease in value over the last 24 hours. In addition to Bitcoin, BlackRock has also been actively investing in Ethereum (ETH), another popular cryptocurrency. Arkham’s data reveals that BlackRock acquired $500 million worth of Ethereum in the past week, increasing its Ether holdings by 50% in the last 30 days.
Ethereum is currently trading at $3,935, experiencing a 1.33% decline in value over the last 24 hours. Arkham also uncovered the Bitcoin holdings of tech companies SpaceX and Tesla, both owned by billionaire Elon Musk. The data shows that SpaceX holds 8,285 BTC (approximately $842 million) while Tesla holds 11,509 BTC (around $1.17 billion). These Bitcoin holdings were acquired at an average cost basis of $34,980 per BTC, resulting in a significant increase in value.
Overall, the cryptocurrency market is experiencing increased interest from institutional investors like BlackRock, as they continue to diversify their portfolios with digital assets. The data provided by Arkham sheds light on the growing adoption of cryptocurrencies by mainstream financial institutions and tech companies, signaling a shift towards a more digital and decentralized financial landscape.
As the crypto market continues to evolve and attract more traditional investors, it will be interesting to see how these developments impact the overall market dynamics and the future of digital currencies. Stay tuned for more updates on the latest trends in the cryptocurrency space.