Bitcoin’s Unlikely Suitor

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It appears the great and the good of the financial world have finally succumbed to the allure of Bitcoin 🤑. BlackRock, that bastion of traditional finance, has been quietly accumulating the cryptocurrency, pushing its holdings to dizzying new heights.

The iShares Bitcoin Trust (IBIT), BlackRock’s foray into the world of Bitcoin, now boasts an impressive 700,000 BTC, a staggering 55% of the total Bitcoin held across all US spot Bitcoin ETFs 📈. Valued at a cool $80 billion, this milestone is a testament to the company’s aggressive accumulation strategy, as noted by ApolloSats co-founder Thomas Fahrer.

IBIT’s success has been nothing short of phenomenal, amassing $76 billion in assets under management (AUM) and accounting for a whopping 96% of net inflows across all Bitcoin ETFs 🤯. The fund has consistently outperformed its peers, generating more annual revenue than BlackRock’s venerable S&P 500 ETF, IVV.

It’s a curious thing, really. Despite IVV holding a significantly larger AUM at $624 billion, the Bitcoin fund has proven to be the bigger moneymaker for the world’s largest asset manager, earning $187.2 million in annual fees compared to IVV’s $187.1 million 🤑.

With this milestone, BlackRock joins the ranks of the largest Bitcoin holders globally, surpassing even top corporate holders like Strategy, Tesla, and Coinbase 🚀. Industry figures are taking notice, with ETF Store president Nate Geraci remarking on the “ridiculous” achievement of reaching 700,000 BTC in just 18 months 🤯.

BlackRock also led the latest wave of Bitcoin ETF inflows, pulling in a tidy $165 million of the total $217 million recorded, according to SoSoValue data 📊.

IBIT’s rapid rise has caught the attention of the global financial community, with Italy’s UniCredit SpA planning to launch a five-year, dollar-denominated investment certificate tied to IBIT for professional investors 📈. The product promises to offer exposure to digital assets without the need for direct crypto custody or wallets.

And it seems BlackRock’s Ethereum ETF is also gaining traction, posting steady inflows and nearing $5 billion in AUM 🚀. Who knew the stodgy world of finance would become so enamored with the wild west of cryptocurrency? 🤠

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2025-07-08 15:25