BlackRock’s iShares Bitcoin Trust (IBIT) now holds over 500,000 BTC, making it the third-largest holder of Bitcoin globally. With holdings worth about $48 billion, BlackRock's influence in the crypto market is growing. The firm has been acquiring Bitcoin rapidly since the launch of IBIT, reflecting its confidence in the asset. BlackRock's pivot towards Bitcoin aligns with CEO Larry Fink's changing perspective on the cryptocurrency. The firm's involvement extends beyond ETFs, with investments in MicroStrategy as well. While BlackRock's rise as a major Bitcoin holder signifies mainstream acceptance, critics argue that it contradicts Bitcoin's decentralization ethos. The debate about the role of large financial institutions in the crypto industry is unlikely to subside.



Other News from Today