BlackRock, a major player in the world of asset management with over $10 trillion in assets under management, has recently made headlines for its aggressive accumulation of Bitcoin (BTC). According to new data from blockchain analytics firm Arkham, BlackRock has purchased a staggering $2.6 billion worth of Bitcoin in less than a week, averaging more than half a billion dollars every day.
The acquisition spree by BlackRock has sent shockwaves through the cryptocurrency market, with Bitcoin currently trading at $99,137 at the time of writing. Despite a marginal decrease in the last 24 hours, the overall sentiment remains bullish as institutional investors continue to show interest in cryptocurrencies.
But BlackRock’s appetite doesn’t stop at Bitcoin. Arkham’s data also reveals that the asset management giant has been actively buying Ethereum (ETH) at a rapid pace. In the past week alone, BlackRock has acquired $500 million worth of Ethereum, increasing its Ether holdings by 50% over the last 30 days.
Ethereum is currently trading at $3,935, with a 1.33% decline in the last 24 hours. The interest from BlackRock in Ethereum further solidifies the growing institutional interest in alternative cryptocurrencies beyond Bitcoin.
In addition to BlackRock’s cryptocurrency acquisitions, Arkham also sheds light on the Bitcoin holdings of tech companies owned by billionaire Elon Musk – SpaceX and Tesla. According to the blockchain analytics firm, the Bitcoin holdings of SpaceX and Tesla have nearly tripled in value from their average cost basis.
As of now, Tesla holds 11,509 BTC worth $1.17 billion, while SpaceX holds 8,285 BTC valued at $842 million. These Bitcoin holdings were acquired at an average cost basis of $34,980 per BTC, resulting in a significant increase of $1.3 billion (186%) on these purchases.
The growing interest and investment in cryptocurrencies by institutional investors like BlackRock and tech companies like Tesla and SpaceX indicate a shifting landscape in the financial world. As digital assets continue to gain mainstream acceptance, the role of traditional financial institutions in the cryptocurrency market is evolving rapidly.
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