BlackRock Adds $518 Million in Bitcoin as BTC Rises
Financial giant BlackRock has increased its Bitcoin holdings by $518 million as the cryptocurrency continues to climb. On Wednesday, BlackRock acquired 10,003 BTC for its iShares Bitcoin Trust (IBIT), a spot exchange-traded fund (ETF), according to on-chain analytics tracker Lookonchain.
This purchase brings BlackRock’s total BTC holdings to 105,280. In addition, the company made a significant buy on Tuesday, adding over 7,000 BTC to its portfolio.
BlackRock Expands Crypto Investments
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BlackRock, currently the world’s largest asset manager, launched IBIT in January. It is one of eight financial groups that introduced their own spot Bitcoin ETFs last month.
Bitcoin Hits $52,000
Bitcoin briefly reached $52,000 on Wednesday and is currently trading at $51,669, reflecting a more than 6% increase in the past 24 hours.
Note: This article originally appeared on The Daily Hodl and has been rewritten for clarity and brevity.
