BlackRock Buys $1 Billion in Bitcoin, Now Holds 2.7% of Total Supply

BlackRock, the world’s biggest asset manager, acquired an additional $1 billion worth of Bitcoin (BTC) in the past week, raising its holdings to 2.7% of Bitcoin's total supply.

The firm’s 53,000 BTC purchase brings its total stash to $58.43 billion, according to Arkham data. This now surpasses the amount held by governments globally, which hold approximately 471,380 BTC, or 2.2% of Bitcoin's total supply, valued at $32.7 billion, according to CoinGecko.

Despite some outflows earlier this month, BlackRock’s iShares Bitcoin exchange-traded fund (ETF) continues to dominate the sector, with more than $3.4 billion in inflows since the beginning of January, according to SoSoValue Data.

BlackRock is aggressively buying Bitcoin to meet demand for its ETF, a sign institutional investors continue to seek exposure to the world’s first cryptocurrency.

This latest acquisition comes as BlackRock CEO Larry Fink Larry shared optimistic predictions last week about Bitcoin’s future during a panel at the World Economic Forum in Davos. The CEO believes that with just 2-5% allocation to Bitcoin from asset managers globally, the crypto could propel to $700,000. Currently, BTC is trading at around $101,000.