$600 Million Bitcoin Purchase Sparks Market Buzz

Guess who’s back and buying more Bitcoin? It’s Blackrock taking a bolder approach to the world’s top digital asset.

According to Arkham Intelligence’s recent tracking, BlackRock reportedly bought $600 million worth of Bitcoin on January 22nd, the most significant buy this year. Arkham added that this latest acquisition pushed the company’s holdings to 569,343 Bitcoins, currently valued at $58.32 billion.

In addition to Bitcoin, BlackRock holds other digital assets, including 74.5 million USDC tokens, $3.7 billion worth of Ether, and coins like UBXS, Colle AI, MOG, TUA, and SPX6900.

Source: Arkham Intelligence

BlackRock Leads Bitcoin Purchases In Last 7 Days

This year, BlackRock’s aggressive acquisition of Bitcoin got off to a scorching start. Lookonchain revealed on Twitter/X that among all funds, BlackRock’s iShares receive the most Bitcoin inflows.

Grayscale Bitcoin Mini Trust comes in next, with a total of 208 Bitcoins, then followed by the Grayscale Bitcoin Trust, which acquired 165 Bitcoins on the same day.

Jan 22 Update:

10 #Bitcoin ETFs
NetFlow: +6,719 $BTC(+$700.94M)🟢#BlackRock(iShares) inflows 6,208 $BTC($647.67M) and currently holds 569,343 $BTC($59.4B).

9 #Ethereum ETFs
NetFlow: +18,108 $ETH(+$59.59M)🟢#BlackRock(iShares) inflows 16,959 $ETH($55.81M) and currently holds… pic.twitter.com/I2EAn9iABF

— Lookonchain (@lookonchain) January 22, 2025

Looking at the seven-day net inflow, BlackRock remains the top player in the industry. Over this period, BlackRock’s iShares fund acquired 15,351 Bitcoin, double the numbers submitted by Fidelity Wise Origin Bitcoin Trust. Akr21 Shares was also a top performer in the last seven days, adding almost 4,000 Bitcoins to its holdings.

BlackRock Adds Substantial Number Of ETH To Grow Its Holdings

BlackRock’s holdings also include other digital assets, including ETH. In the same data shared by LookonChain, BlackRock added around 58 ETH but lags behind the acquisition of VanEck, with its 732 ETH tokens purchased in the last seven days.

Although BlackRock adds a substantial number of ETH tokens, its investments in Bitcoin matter to the industry. The company’s Bitcoin purchases are often a measure of the market’s performance. Since launching the spot Bitcoin ETFs in January 2024, BlackRock has consistently led the segment with aggressive purchases.

BlackRock CEO Larry Fink on Bitcoin:

“If everyone adopted a 2% or 5% allocation, you could see Bitcoin at $700,000”

Incredible how far Bitcoin has come. 🟠 pic.twitter.com/psxP3aq4WI

— Geiger Capital (@Geiger_Capital) January 22, 2025

Fink Remains Bullish On BTC, Targets $700k

Bitcoin is currently trading at $104,000, a little lower than its closing price yesterday. Analysts are nonetheless optimistic about Bitcoin’s price trajectory based on its recent success. Larry Fink, the CEO of BlackRock, has shown confidence about the potential price of Bitcoin.

Fink told the World Economic Forum that Bitcoin was becoming more and more popular with asset management companies and international investment funds. According to Fink, these companies desire BlackRock’s opinion on Bitcoin. If everyone owns Bitcoin and contributes 2% to 5%, the industry will reach $700k, Fink continued.

In addition, Fink stressed that they are not endorsing Bitcoin, but rather highlighting its potential. Bitcoin could see some improvement under Trump, according to Samara Cohen, another BlackRock official. According to Cohen, Bitcoin is doing well in the market under Trump. Once regulations are clear, Cohen anticipates a banner year for Bitcoin.

Featured image from Reuters, chart from TradingView