As a seasoned crypto investor with a decade-long journey through the digital asset wilderness, I find the recent moves by BlackRock to significantly increase their Bitcoin exposure via the iShares Bitcoin Trust ETF (IBIT) both intriguing and validating. Having witnessed the skepticism and reluctance of traditional financial institutions towards cryptocurrencies, it’s refreshing to see a titan like BlackRock embracing this asset class.
As an analyst, I’ve noticed that two funds managed by BlackRock, the world’s largest asset manager, have been actively purchasing shares of the iShares Bitcoin Trust ETF (IBIT) to the tune of approximately $78 million over the last quarter ending September 30. This strategic investment is a significant move towards fostering growth in the Bitcoin ETF sector, with IBIT recording net inflows exceeding $31.6 billion.
BlackRock Funds Boost Bitcoin Exposure with IBIT Investments
In the third quarter that concluded on September 30, 2024, two BlackRock funds substantially augmented their positions by acquiring large numbers of shares in the Bitcoin Exchange-Traded Fund (ETF).
In the quarter concluding on September 30th, the BlackRock Strategic Income Opportunities Fund (BSIIX), overseeing a sum of around $39 billion in assets, acquired an additional 2 million shares of IBIT. This increase now totals their IBIT stock holdings to approximately 2,140,095 shares, estimated to be worth roughly $118 million.
Just like the BlackRock Strategic Global Bond Fund (MAWIX), managing a total of $816 million, recently purchased 24,000 shares of IBIT, raising their share count to 40,682 shares. This investment is now approximately valued at $2 million.
Rick Rieder, the Global Fixed Income Chief Investment Officer at BlackRock, oversees these two funds, suggesting a comprehensive approach that includes digital assets tied to cryptocurrencies within conventional investment portfolios.
In the current fourth quarter, the stock price of IBIT has skyrocketed by an astounding 61%. On November 27, 20XX, the IBIT stock closed with a 6.44% increase, ending at $55.03. The impressive growth since its launch in January 2024 now totals an astonishing 106%.
Bitcoin ETF IBIT Sees Strong Institutional Interest
A wide range of investors, including institutional investors, hedge funds, and pension funds, have favored the Bitcoin ETF IBIT. These influential entities have driven an astounding $31.6 billion in investments, with their managed assets surpassing $48 billion as the price of Bitcoin soared to $100K.
As per the most recent 13F disclosures, Millennium Management now owns the majority of IBIT stocks, valued at approximately $848 million. Goldman Sachs comes second, holding around $461 million, while Capula Management is third with roughly $308 million in IBIT shares.
These documents show increasing institutional appetite for IBIT, suggesting faith in crypto-backed investment opportunities. Notably, last week saw the introduction of Bitcoin ETF options on Nasdaq, while IBIT options experienced unprecedented trading activity.
To further clarify, the Bitcoin ETF known as IBIT has significantly surpassed its competitors in terms of performance. For instance, a direct competitor of IBIT, Fidelity (FBT), has received inflows close to $10 billion, whereas IBIT boasts an impressive $31 billion, according to data from Farside Investors.
Recently, BlackRock’s IBIT has seen no new inflows for two straight days as Bitcoin’s price struggles to break through the $100,000 barrier. At this moment, Bitcoin is currently trading 1.42% higher at $96,358 and holds a market capitalization of more than $1.906 billion.
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2024-11-29 13:26