BlackRock Bitcoin Holdings Surge 55% to 700,000 BTC

BlackRock, a prominent asset manager and ETF issuer, has significantly increased its Bitcoin holdings, reaching a new high of over 700,000 BTC. This milestone, achieved through its iShares Bitcoin Trust (IBIT), represents approximately 55% of the total Bitcoin held across all US spot Bitcoin ETFs. The current value of these holdings exceeds $80 billion, following the latest purchase of 1,388 BTC as part of its ongoing aggressive accumulation strategy.

Since its launch, IBIT has seen remarkable success, amassing $76 billion in assets under management (AUM) and accounting for 96% of net inflows across all Bitcoin ETFs to date. This performance has solidified IBIT's position as a top performer among investment products that debuted in January 2024, generating more annual revenue than BlackRock’s long-standing S&P 500 ETF, IVV. Despite IVV holding significantly more AUM at $624 billion, the Bitcoin fund has become a bigger moneymaker for the world’s largest asset manager, earning $187.2 million in annual fees compared to IVV's $187.1 million.

With this portfolio milestone, BlackRock ranks among the largest Bitcoin holders globally, surpassing top corporate holders like MicroStrategy, Tesla, and Coinbase. Several industry figures have noted the significance of this achievement, with ETF Store president Nate Geraci describing the 700,000 BTC milestone in just 18 months as "ridiculous."

BlackRock also led the latest wave of Bitcoin ETF inflows on July 7, pulling about $165 million of the total $217 million recorded. IBIT’s rapid rise has started to attract global attention, with recent reports indicating that Italy’s UniCredit SpA plans to launch a five-year, dollar-denominated investment certificate tied to IBIT for professional investors. This product will offer exposure to digital assets without requiring direct crypto custody or wallets.

Meanwhile, BlackRock’s Ethereum ETF is also gaining momentum, posting steady inflows and nearing $5 billion in AUM. The success of IBIT highlights the efficiency of the ETF structure in deploying capital into Bitcoin, allowing BlackRock to surpass established Bitcoin holders in a relatively short timeframe. This rapid growth has reshaped the investment landscape for cryptocurrency exposure, providing traditional investors with regulated access to Bitcoin through familiar brokerage accounts.