BlackRock Purchases $518 Million Worth of Bitcoin in 24 Hours Amidst BTC’s $52,000 Surge: On-Chain Investigation

By Daisy Hodley Feb 14, 202438Views

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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

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.

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