NEW YORK — BlackRock, the world’s largest asset manager, now holds more than $87 billion in Bitcoin through its iShares Bitcoin Trust (IBIT), representing over 3% of the cryptocurrency’s total capped supply of 21 million coins, according to Cointelegraph on August 20, 2024. Since its launch on January 11, 2024, IBIT has amassed 749,944.6 BTC, valued at roughly $87.7 billion, making it the fastest-growing ETF in history and surpassing major holders like Binance, per bitbo.io.
The fund’s rapid growth, driven by SEC approval of spot Bitcoin ETFs, reflects surging institutional demand. “BlackRock’s Bitcoin holdings now eclipse those of many centralized exchanges,” noted a Cointelegraph analyst, highlighting IBIT’s outpacing of competitors like Grayscale’s GBTC, which holds about 400,000 BTC. BlackRock’s CEO Larry Fink, once a crypto skeptic, now views Bitcoin as a hedge against currency devaluation, a shift echoed in posts on X from users like @MerlijnTrader who called it a “core position” for the $11.6 trillion asset manager.
Key aspects of BlackRock’s Bitcoin strategy include:
- Accessibility: IBIT offers exposure without direct ownership complexities.
- Liquidity: Highest trading volume among U.S. Bitcoin ETFs since launch.
- Custody: Uses Coinbase Prime for secure storage, holding 749,944.6 BTC.
The fund’s rise, adding 4,369 BTC ($300 million) in a single week, per cryptobriefing.com, underscores Bitcoin’s growing legitimacy. However, critics like Sen. Elizabeth Warren question regulatory oversight, citing potential conflicts. With Bitcoin at $113,260, analysts predict IBIT could surpass Satoshi Nakamoto’s 1.1 million BTC wallet by mid-2026 if inflows persist. This institutional embrace signals a transformative shift for digital assets in traditional finance.
