CandleFocus BlackRock Adds $877M in BTC to Holdings, Hitting a Record $31B Stash
2024-10-31
Author: Content Editor
BlackRock, one of the largest institutional investors in the cryptocurrency market, has significantly increased its exposure to Bitcoin with a recent purchase of 12,127 BTC worth approximately $877 million. This brings BlackRock's total Bitcoin holdings to 429,185 BTC worth around $31.04 billion. The company has been consistently buying Bitcoin in recent months, showing its long-term plans for the cryptocurrency. BlackRock's increased investment in Bitcoin could have a stabilizing effect on the market and attract more institutional investors. This move also reinforces the company's long-term approach to including cryptocurrencies in its portfolio. Overall, BlackRock's endorsement of digital assets is seen as a significant development for the cryptocurrency industry and blurs the line between traditional finance and emerging digital currencies.
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