Bitcoin ETF

Bitcoin

BlackRock

The world’s largest asset management company, BlackRock, has increased the amount of Bitcoin on its balance sheet. 
According to the website, BlackRock has increased the amount of Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) in its iShares Bitcoin Trust (IBIT) to 242,829. The volume of assets under management in the fund’s spot <a href="https://crypto.news/tag/etf/">Bitcoin ETF</a> reached $15.5 billion at the current exchange rate. 
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Fox journalist Eleanor Terrett also reported that BlackRock’s Head of Digital Assets, Robert Mitchnick, noted that Bitcoin is the top priority for the company’s clients, followed by <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>. 
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 🚨NEW: <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@BlackRock</a>’s Head of Digital Assets Robert Mitchnick addresses how the asset manager is thinking about other <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#crypto</a> products: “For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit ethereum, and very little everything else.” He says…— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1771188774606676164?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 22, 2024</a>
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Mitchnick emphasized that the crypto community would like to see even more crypto products from <a href="https://crypto.news/tag/BlackRock/" target="_blank" rel="noreferrer noopener">BlackRock</a>, but this differs from the company’s current focus. 
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 “The crypto community would like to see a long tail of other crypto products from BlackRock, but he says “that’s just not where we’re focused.” <cite>Robert Mitchnick, BlackRock Head of Digital Assets</cite>
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According to SoSo Value, on March 21, IBIT took first place in terms of capital inflows. It added $233.4 million to its balance sheet, and the volume of funds under management reached $13.3 billion. In second place is an investment product from <a href="https://crypto.news/tag/Bitwise/" target="_blank" rel="noreferrer noopener">Bitwise</a> Asset Management with $12.1 million, and in third place is <a href="https://crypto.news/tag/Valkyrie/" target="_blank" rel="noreferrer noopener">Valkyrie</a> Bitcoin Fund (BRRR) with $4.72 million. 
At the same time, the total daily capital outflow in the spot Bitcoin ETF sector <a href="https://crypto.news/bitcoin-etfs-shed-94m-on-fourth-day-of-net-outflows/" target="_blank" rel="noreferrer noopener">amounted</a> to $93.8 million. The negative trend continues for the fourth day in a row due to <a href="https://crypto.news/bitcoin-etf-record-outflows/" target="_blank" rel="noreferrer noopener">an increase in outflows</a> of $358.7 million from the GBTC fund from <a href="https://crypto.news/tag/Grayscale/" target="_blank" rel="noreferrer noopener">Grayscale Investments</a>. Between March 18 and March 21, the figure rose to more than $1.8 billion, and the total outflow of funds amounted to more than $835 million. 
 You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-record-highest-daily-net-outflows/"> Spot Bitcoin ETFs record highest daily net outflows </a>

BlackRock increases Bitcoin holdings to 242k despite record ETF outflows

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