BlackRock, a major asset management firm, added $524 million worth of Bitcoin to its spot Bitcoin Exchange-Traded Fund (ETF), marking a significant increase in its cryptocurrency exposure. This purchase brought the total Bitcoin holdings in the iShares Bitcoin Trust (IBIT) to approximately 344,000 BTC, valued at over $41 billion based on the current market price of around $119,000 per Bitcoin. The transaction occurred amid a week where Bitcoin’s price hovered between $117,000 and $122,000, reflecting a stable yet volatile market. The move followed a reported influx of $1.2 billion into Bitcoin ETFs over the past month, with BlackRock’s IBIT accounting for a substantial portion of that inflow. The purchase was executed through open market transactions, with the firm acquiring approximately 4,400 BTC on that day alone. This action aligns with a broader trend of institutional adoption, as BlackRock continues to expand its cryptocurrency offerings. The company’s latest filing with the U.S. Securities and Exchange Commission indicated no immediate plans to cap the fund’s growth, suggesting potential for further investments. Bitcoin’s market capitalization reached $2.34 trillion following the news, reinforcing its position as the leading cryptocurrency. The announcement was made public via a post on X by Bitcoin Magazine, which highlighted the bullish sentiment among investors, with trading volume for IBIT rising by 15% within hours of the disclosure.
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