BlackRock’s Bitcoin (BTC) Holdings Soar to $23.6 Billion

BlackRock continues to expand its Bitcoin portfolio, reaching 363,626 BTC as of Friday, September 27.

With nearly a decade of bullish activity in the crypto space, the asset manager shows no signs of slowing down.

On September 27, BlackRock acquired an additional 1,434 BTC valued at $94.3 million, adding to its total of 5,894 BTC purchased over the last four days—equivalent to $387.68 million. A prior acquisition on September 26 of 4,460 BTC, valued at $289 million, brought its total Bitcoin holdings to 363,626 BTC, worth approximately $23.68 billion.

Lookonchain reports that BlackRock now holds 363,626 BTC, worth $23.68 billion, making it the third-largest Bitcoin holder after Satoshi Nakamoto and Binance, which holds about 550,000 BTC. As BlackRock continues to increase its Bitcoin reserves, it is quickly approaching Binance’s holdings.

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BlackRock views Bitcoin as a safe haven asset. Robbie Mitchnick, the firm’s head of digital assets, emphasizes that Bitcoin is not tied to any one country’s economic situation, offering protection against risks such as currency devaluation and political instability. Mitchnick notes that while Bitcoin has experienced periods of correlation with equities, it behaves similarly to gold over the long term, with a low correlation to other assets.

This marks a significant shift for BlackRock, particularly for CEO Larry Fink, who previously dismissed Bitcoin as speculative. Now, BlackRock’s IBIT Bitcoin ETF is leading the spot BTC ETF market, with net inflows reaching $21.42 billion as of September 27, ahead of Fidelity’s $9.99 billion in its FBTC. Through IBIT, BlackRock provides institutional investors with indirect exposure to Bitcoin.

Alexander Zdravkov