With its IBIT Bitcoin ETF, BlackRock now owns around 200,000 BTC, allowing them to overtake MicroStrategy and Michael Saylor in terms of holdings.
BlackRock overtakes MicroStrategy
🚨 It’s done! Blackrock’s holdings in #Bitcoin for their spot ETF exceed those of MicroStrategy! And that in 40 days!
IBIT: 196,000 $BTC
Microstrategy: 193,000 $BTC pic.twitter.com/d2OFgz8Fs6— Goku 🗞 (@Crypto__Goku) March 9, 2024
While they had bought for 12,600 Bitcoin when the price experienced a daily fall in the middle of last week, BlackRock once again bought new Bitcoin at the end of the week.
As a result, the giant BlackRock now owns around 200,000 BTC (195,985 BTC against approximately 193,000 for MicroStrategy). They therefore overtake the other giant and former largest holder of BTC (for a public company) MicroStrategy.
Nevertheless, Michael Saylor announced that he wanted to reinvest everything to buy more Bitcoin. As the latest reports date from the end of February and MicroStrategy recently received a capital increase of 700 million dollarsthe two giants are still neck and neck.
With its tens of billions of dollars of assets under management, BlackRock will have succeeded in accumulating these BTC in the space of 40 days only.
A danger for Bitcoin?
Something is in the water again, the ten bitcoin ETFs have seen a big day’s worth of volume in the first two hours, on pace to beat Tuesday’s wild $10b day. $IBIT alone is $2.2b. A billion a day is big boy level, IBIT doing a billion an hour. pic.twitter.com/ihp8p1LIlO
— Eric Balchunas (@EricBalchunas) March 8, 2024
Thanks to his $13 billion worth of BTC under management, BlackRock now has control on a large part of the market. Which therefore leads us to wonder if this is not without danger for the industry and its decentralization.
Indeed, to the extent that BlackRock has often decried Bitcoin and cryptocurrencies, their investment and sudden change of mind can raise suspicion. Especially since the IBIT ETF by BlackRock performs and dominates the market. Their ETF is seeing volume record inflows and was even the first Bitcoin ETF to surpass the mark 2 billion dollars.
The New 9 have flipped GBTC.
IBIT has flipped MSTR.
Wall Street is now in Control. pic.twitter.com/I1JJEHc92P— Fred Krueger (@dotkrueger) March 9, 2024
As indicated Fred Krueger, “Wall Street now owns Bitcoin”. According to him, these ETFs will have $3 Trillion in BTC Assets under management in Next 10 years.
As a result, BlackRock may become the fiercest whale in the crypto industry. According to Eric Balchunasthe figures recorded by BlackRock are “ worrying speed”. Moreover, according to himthe BlackRock ETF would be the one that meets the greatest success of all ETFs.
Skypeek NEWS 📢
🤔Bloomberg analyst Jamie Coutts believes that Bitcoin may be under threat of takeover by Blackrock, which are increasing their presence in the mining sector.#Bitcoin #Blackrock #blockchain pic.twitter.com/JDK4ZHyiUO
— Skypeek Creator 💠| ❤️ Memecoin (@skypeekgoat) September 28, 2023
It is in this context that BlackRock’s involvement in Bitcoin could put it in danger. Indeed, as a reminder, BlackRock invests in Bitcoin mining since 2016. As they continued to spread their FUD in the media.
In short, this double talk from the financial giant proves that their intentions are not the clearest. Now, with their hold on Bitcoin mining and a big bet on BTC holdings, BlackRock can come to control supply and demand in a significant way.
Source: CoinDesk
On the same subject :