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18 October, 2024

BlackRock’s Bitcoin Bet: $680 Million Purchase for IBIT ETF

18 October, 2024

BlackRock, the world’s largest asset manager, has made a significant move into the cryptocurrency market, purchasing over $680 million in Bitcoin to support its new IBIT ETF (exchange-traded fund).

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This massive purchase signals a strong belief in Bitcoin’s future potential. BlackRock leaders have stated that Bitcoin is expected to play a crucial role in their investment strategy, particularly in the realm of digital assets.

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The IBIT ETF, launched earlier this year, allows investors to gain exposure to Bitcoin without directly owning the cryptocurrency. BlackRock’s significant investment in Bitcoin for this ETF is seen as a major validation of the digital asset’s growing institutional acceptance.