Blackrock’s Spot Bitcoin ETF Boosts BTC Holding

Blackrock’s Spot Bitcoin ETF Boosts BTC Holding

Blackrock’s spot Bitcoin exchange-traded fund (ETF) has acquired 11,439 bitcoins to boost their holding, which is valued at USD 500 million after two days of trading on the Nasdaq stock exchange. The Ishares Bitcoin Trust of Blackrock was among the eleven spot Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) this week.

BTC Now Represents 99.99% Trust Holdings 

Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has added 11,439 bitcoins to boost their trust holdings. The Ishares ETF website released that the IBIT’s holdings comprise 11,439.2198 Bitcoin with a market value of USD 497,994,992.41 as of January 12. The largest cryptocurrency now represents 99.99% of the trust holdings. Blackrock updated: “The value shown for ‘shares’ represents the total number of bitcoins held by the Ishares Bitcoin Trust.”

Posts by crypto enthusiasts on social media platform X on Saturday revealed that on January 11, Ishares Bitcoin Trust held roughly 50% bitcoin and 50% cash (US dollars), while other spot bitcoin ETFs like Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin Fund, and Ark 21shares Bitcoin ETF held 100% in bitcoin. A crypto enthusiast posted:

"Yesterday, I reported that Blackrock moved 50% of their ETF into cash. Well, today, they updated, and they did indeed, as I thought, buy the dip. They are now back 100% in bitcoin."

“How did they know? We have a new set of whale traders in the game. The ETF fund managers can trade in and out of cash, any cash, any currency, forex included,” he added. The price of BTC surged to USD 49,000 on the first day of spot Bitcoin ETF trading but fell below USD 42,000 on the second day. 

Blackrock is Now Back 100% in Bitcoin 

Blackrock’s Ishares Bitcoin Trust was among the eleven spot Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) on Wednesday. The fund started trading the following day on the Nasdaq stock exchange.

SEC Chairman Gary Gensler approved the eleven Bitcoin ETFs but later clarified that the Commission does not approve or endorse Bitcoin. He continued to caution investors about the risks of investing in crypto assets. SEC Commissioner Hester Peirce slammed the delay in spot bitcoin ETF approval as having “squandered a decade of opportunities.”

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