BlackRock Boosts Bitcoin Holdings to $58 Billion

Blockchain analytics firm Arkham has revealed that BlackRock, the world’s largest asset manager with over $10 trillion in assets under management, recently expanded its Bitcoin holdings by an additional $1 billion.

This acquisition brings BlackRock’s total Bitcoin stash to 572,616 BTC, valued at approximately $58.43 billion, representing 2.7% of the total Bitcoin supply.

BlackRock’s crypto portfolio also includes $3.75 billion in Ethereum (ETH) and $72.02 million in USDC stablecoins, highlighting its growing interest in the digital asset space. The news comes as BlackRock CEO Larry Fink made a bold prediction during the World Economic Forum in Davos, Switzerland, suggesting that Bitcoin could reach prices as high as $700,000 per coin.

Fink attributed this potential growth to sovereign wealth funds increasingly viewing Bitcoin as a hedge against inflation, economic instability, and political uncertainties. He shared insights from recent discussions with a sovereign wealth fund, where the focus was on allocating 2% to 5% of their portfolios to Bitcoin. If such allocations became the norm, Fink argued, Bitcoin could easily surpass half a million dollars per coin and potentially reach $700,000.

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Fink emphasized Bitcoin’s appeal as an international asset capable of addressing concerns tied to local currency debasement or geopolitical risks, positioning it as a viable hedge alongside traditional securities and equities. BlackRock’s latest investment underscores its confidence in Bitcoin’s long-term potential as an integral part of institutional portfolios.

Alexander Stefanov