Blackrock and Bitcoin logo on dark background with shiny details. 3D render. MUENSTER, GERMANY - June 17, 2023
- BlackRock and Fidelity bought $590M in crypto, with BlackRock’s Bitcoin holdings hitting a record 636,000–639,000 coins.
- These moves highlight growing institutional confidence and increased adoption of cryptocurrencies by major financial firms.
BlackRock and Fidelity, two of the largest global asset managers, have made significant cryptocurrency purchases, investing over $590 million in Bitcoin and Ethereum. This move highlights a growing institutional interest in digital assets and reinforces the evolving role of cryptocurrencies in traditional finance.
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BlackRock Reaches Record Bitcoin Holdings
On May 20 and 21, BlackRock bought approximately $306 million and $287.5 million worth of Bitcoin, respectively. These transactions pushed the firm’s Bitcoin holdings to an all-time high of 636,000 to 639,000 coins. This new record cements BlackRock’s position as a major institutional player in the crypto space and shows growing confidence in Bitcoin’s long-term value.
Fidelity and BlackRock Both Back Ethereum
Alongside Bitcoin, BlackRock and Fidelity also increased their Ethereum exposure. BlackRock purchased between $13.1 million and $64.8 million in Ethereum during the same two-day period. Fidelity matched this interest, acquiring $64.8 million in Ethereum as well. Their synchronized investment signals Ethereum’s rising value, especially for its utility in decentralized finance (DeFi) and smart contract platforms.
Institutional Investment in Crypto Continues to Grow
Institutional investors once viewed cryptocurrencies as speculative assets. Today, companies like BlackRock and Fidelity treat Bitcoin and Ethereum as strategic assets within diversified portfolios. Their large-scale purchases underscore a shift in perception, where digital currencies are gaining legitimacy across traditional financial markets.
As more institutions follow BlackRock and Fidelity’s lead, cryptocurrency may continue to see broader adoption and integration into mainstream finance. This could pave the way for stronger market support and long-term price stability.
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