BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion

BlackRock has emerged as the world's largest Bitcoin fund within nine months of launching its Bitcoin ETF. BlackRock's Bitcoin holdings now exceed those of Grayscale by nearly 100,000 BTC. Despite market volatility, BlackRock has continued to accumulate Bitcoin, supporting its value and asset base. BlackRock's Bitcoin holdings now represent approximately 1.70% of the total Bitcoin supply. In contrast, Grayscale maintains an advantage in Ethereum holdings, with 2.104 million ETH compared to BlackRock's 349,970 ETH. BlackRock's head of digital assets views Bitcoin as a "non-sovereign asset" with global reach, scarcity, and low long-term correlation to traditional financial assets. BlackRock believes Bitcoin's decentralized nature and lack of country or counterparty risk make it attractive for portfolio diversification. Despite recent market fluctuations, Bitcoin remains above $63,000, indicating continued support. BlackRock's embrace of Bitcoin extends beyond investment to an endorsement of its underlying technology. The firm challenges the classification of Bitcoin as a "risk-on" asset due to its low long-term correlation with traditional markets.