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BlackRock's Bitcoin Bet: $60 Billion Surge, Fink Eyes $700K Target

Coin WorldMonday, Jan 27, 2025 12:25 pm ET

1min read

BlackRock's Bitcoin holdings have recently surged to an unprecedented value of $60 billion across its iShares Bitcoin Trust (IBIT), with 574,118.84380 BTC recorded on the ETF's balance sheet. According to data from Farside Investors, Bitcoin ETFs have attracted a total of $188.7 million in inflows, with BlackRock accounting for $154.6 million, representing 81% of the net inflows. This aggressive accumulation positions BlackRock as one of the largest institutional holders of Bitcoin, surpassing even MicroStrategy's notable holdings. Last week, BlackRock CEO Larry Fink sparked discussions about Bitcoin's potential, suggesting a price target of $700,000 if institutional adoption increases. He has also been talking with a sovereign wealth fund about allocating 2% to 5% of their assets to Bitcoin.

Grayscale has submitted a filing to the SEC to launch ETFs for Litecoin and Solana, among other crypto-related products. Following Grayscale's lead, several firms, including VanEck, 21Shares, Bitwise and Canary Capital, are also seeking to launch spot Solana ETFs, with preliminary SEC decisions expected by late January 2025. Nate Geraci, president of the ETF Store, expresses optimism regarding the timeline, which reflects broader market sentiment. Some in the industry speculate that potential changes in U.S. administration and the SEC leadership may create a more favorable regulatory environment for crypto ETFs. According to Polymarket's recent estimation, there is a 77% chance of Solana ETF approval in 2025; such approval is anticipated to serve as a significant price catalyst for Solana, although its effects may not yet be fully reflected in the current market valuation.

In other news, Coinbase has been stunned by a massive XRP transaction, with 29,532,534 XRP being moved in a single transaction. This large-scale movement of XRP has sparked speculation and interest in the crypto community, as the reasons behind such a significant transfer remain unclear. As the regulatory landscape for cryptocurrencies continues to evolve, investors and enthusiasts alike are keeping a close eye on the developments in the crypto market.

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