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Author: Abdulkarim Abdulwahab

Expert Says Big News Coming for XRP as High-Net-Worth BlackRock Clients Are Seeking More Exposure to Crypto

A tweet from widely followed crypto commentator Altcoin Gordon sparked renewed speculation about BlackRock's involvement in XRP.In the post, he claimed to have had lunch with a friend "high up at BlackRock," who revealed growing interest in crypto, particularly XRP, among ultra-wealthy clients.High-Net-Worth BlackRock Clients Seeking More ExposureAccording to the tweet, individuals with a net worth of $50 million and above are increasingly asking about crypto exposure. More notably, Gordon hinted that "some HUGE news" related to XRP could be on the way as a result of this. He promised to issue further updates on the subject in follow-up commentaries.While he failed to provide specific details, his mention of BlackRock has fueled theories ranging from institutional accumulation to potential ETF involvement.Meanwhile, others have pushed back against the claims, disputing them as false. Commentators argue Gordon's claim is merely a "Trust me, bro" source, saying BlackRock's public statements already reflect institutional interest in XRP. They stressed the need to focus on verifiable data, "huge news" discussions.Community reactionCommunity reactionDeep Anticipation for BlackRock XRP NewsNotably, the XRP community has long theorized BlackRock's involvement in XRP, taking cues from various hints and mysterious factors supposedly connecting XRP and BlackRock. They eagerly seek official confirmation, as they believe BlackRock entering the XRP market could change the coin's story.Notably, most significant asset managers listed Bitcoin ETFs have made similar applications for XRP ETFs. Specific names include Grayscale, Franklin Templeton, and Bitwise. Meanwhile, BlackRock's name remains missing in the picture despite other rivals pursuing XRP investment products in the U.S.BlackRock's potential application is highly anticipated due to hopes that its ETF could attract the biggest investments for XRP, as seen with the firms Bitcoin and Ethereum spot ETFs.In perspective, BlackRock's Bitcoin spot ETF has so far seen investments of $44.25 billion, while Franklin Templeton's has seen only $250 million after over one year of trading. Likewise, BlackRock's Ethereum spot ETF has seen $4.2 billion since its inception, while Franklin Templeton's has only $36.5 million.Given this landslide gap, some believe the only ETF that would truly matter for XRP is BlackRock's. Interestingly, industry commentators like ETFStore President Nate Geraci have suggested that BlackRock will eventually join the race. According to him, the firm would fight to dominate the XRP ETF space, not giving rivals a chance.Regarding when this could happen, some suggest it may occur when the SEC and Ripple reach a full settlement in their case. Right now, both parties are negotiating the terms.

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BlackRock Bitcoin ETF IBIT Sees $2B+ in Weekly Inflow, the Second Largest Among US ETFs, Only Behind Vanguards VOO

Author: Elendu Benedict

United States

Source: The Crypto Basic

May 06, 2025 03:35

BlackRock Bitcoin ETF IBIT Sees $2B+ in Weekly Inflow, the Second Largest Among US ETFs, Only Behind Vanguards VOO

The resurgence in demand for Bitcoin investment products saw the BlackRock Bitcoin ETF IBIT pull in heavy inflows the previous week.Bloombergs senior ETF analyst Eric Balchunas highlighted this detail in an X post today, stressing the shift in market sentiments. Per the tweet, the BlackRock iShares Bitcoin Trust (IBIT) had a stellar outing the previous week, outperformed only by Vanguards S&P 500 ETF (VOO).Resurgent IBIT Dominates InflowsThe IBIT saw a net inflow of $2.48 billion, about 19% of the total positive flows between 28th April and 4th May. Only the VOO saw a better inflow ($3.93 billion) than the BlackRock Bitcoin-focused product.Inflows Among Major ETFsThis renewed traction indicates a changing narrative from earlier sentiments at the beginning of the year, as appetite towards Bitcoin rejuvenates. Balchunas noted that this shift tilted towards market users beta with a side of bitcoin bias last year.For context, in 2024, ETF investors sought exposure to funds that track the general performance of the market with a touch of Bitcoin, evident in the $117 billion VOO and $37 billion IBIT net inflows. The Bloomberg ETF expert highlighted that recent inflow data suggest that this mentality seems to be crawling back into the market.Meanwhile, the BlackRock Bitcoin product has rebounded from earlier setbacks to record a year-to-date inflow of $6.4 billion. The investment product languished below the top 50 in YTD performance across all ETFs before recent momentum pushed it to 8th on the log.BlackRock Bitcoin Product Dominates Other Bitcoin ETFsWhile bearing the torch for Bitcoin in the global ETF markets, IBIT has also been schooling other investment products tracking the performance of Bitcoin. The Monday data identified that it has all been about the BlackRock Bitcoin product, with 96% of all inflows to the US Bitcoin spot ETFs moving into IBIT. For perspective, the funds have a one-month net inflow of $4 billion, with the BlackRock product accounting for a staggering $3.85 billion. Balchunas noted that the massive traction despite the Bitcoin ETF decoupling from the actual BTC price could be due to hedge funds leveraging the variation, driving up trading activities.BlackRock Bitcoin ETF Leads Bitcoin ETF InflowsMeanwhile, the IBIT has recorded a cumulative net inflow of $43.64 billion since its market debut last year and ranks as the most successful ETF launch in history. The US Bitcoin spot ETF generally holds a net asset of $113.15 billion, about 5.87% of the assets market cap.

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Expert Says BlackRock Clearly Wants XRP ETF, But Issues a Warning to Investors

Author: Sam Wisdom Raphael

United States

Source: The Crypto Basic

May 16, 2025 03:35

Expert Says BlackRock Clearly Wants XRP ETF, But Issues a Warning to Investors

As speculation grows around a potential BlackRock XRP ETF filing, industry expert Vandell Aljarrah suggests the asset manager clearly wants to enter the market.However, Aljarrah, who is the co-founder of Black Swan Capitalist, issued a warning to investors about this potential development. He suggested that the anticipated move is less about enhancing crypto adoption and more about profit and control by institutional players.BlackRock Wants an XRP ETF, But There's a CatchIn a recent post, Aljarrah stressed that investors should not automatically equate an XRP ETF with broader access to utility-driven crypto adoption. He argued that while the prospect of an ETF might appear to validate XRP in the eyes of Wall Street, it strips the asset of its inherent functionalities. When held in its native form, market participants can use XRP for real-time remittances, liquidity provisioning, staking, and self-custody. However, an ETF version offers exposure only to price movement, without granting access to these core utilities.Nonetheless, he is confident that BlackRock would express interest in an XRP ETF. Aljarrah further warned that institutions could subtly manipulate ETFs, suggesting that control over the asset changes significantly from individual investors to powerful financial institutions.Momentum Around XRP ETFs GrowsDespite these concerns, the momentum behind XRP ETF filings builds. Since October 2024, a growing number of asset managers have submitted applications to the U.S. Securities and Exchange Commission (SEC). Firms like Bitwise, Grayscale, WisdomTree, 21Shares, and ProShares have all entered the race to launch spot and futures-based XRP ETFs. At press time, multiple applications are under regulatory review. ProShares has secured approval for three futures-based XRP ETFs, including an inverse fund offering -2x exposure.Grayscale, a major player in the crypto investment space, currently manages over $16 million in assets for its XRP Trust. It has partnered with NYSE Arca to seek listing approval. Meanwhile, MEMX, a U.S.-based exchange, filed a proposal to list an XRP ETF similar to those for Bitcoin and Ethereum, under the Commodity-Based Trust framework.While BlackRock has not yet filed for an XRP ETF, market watchers believe it's only a matter of time. The asset management giant has focused on its highly successful Bitcoin and Ethereum ETFs, which collectively pulled in over $43 billion. Analysts suggest that BlackRock is waiting for optimal legal clarity and market readiness before making its move. Industry voices like Nate Geraci of ETFStore predict that BlackRock will not cede the altcoin ETF market to competitors like Bitwise and Grayscale for long.Regulatory Atmosphere Now Favorable Meanwhile, regulatory momentum has shifted in favor of these filings since the resolution of the Ripple-SEC lawsuit. The court ruled in July 2023 that XRP was in itself not a security. Following the SEC's decision to drop its appeal this year and settle with Ripple, institutional restrictions have eased. The SEC has since opened a public comment period for several filings and begun a 240-day review cycle, raising approval odds to over 80% for 2025, according to Polymarket.

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Banking Giant BNY Introduces New Blockchain Accounting Platform, Taps BlackRock as First Client

Author: Sam Wisdom Raphael

United States

Source: The Crypto Basic

Apr 04, 2025 03:40

Banking Giant BNY Introduces New Blockchain Accounting Platform, Taps BlackRock as First Client

BNY Mellon, America's oldest running bank, has deepened its foot into blockchain, recently launching a new blockchain accounting tool, with BlackRock as first client.According to a recent report by Fortune, Bank of New York Mellon (BNY Mellon) has introduced its latest blockchain-based accounting tool. BlackRock Becomes First ClientInterestingly, BlackRock, the world's largest asset manager, became the first institution to adopt the new platform, which looks to modernize fund accounting by providing real-time insights into tokenized assets.This newly launched tool directly records and updates a fund's net asset value (NAV) on a blockchain, eliminating the reliance on third-party accounting services. By doing so, BNY is making fund management more transparent and efficient. Notably, the report confirmed that BlackRock will integrate this solution into its on-chain money market fund, BUIDL, allowing investors to access real-time financial data more seamlessly.Caroline Butler, BNY Mellon's head of digital assets, highlighted that this blockchain-powered product helps with visibility and accessibility within the financial ecosystem. She noted that the innovation builds on BNY's expertise in digital assets, a sector that has gained increasing traction in recent years. The move comes as the broader industry trend turns toward tokenizing financial instruments to improve cost efficiency and operational effectiveness. Changing Regulatory Atmosphere Notably, BNY Mellon has steadily expanded its blockchain capabilities despite initial regulatory roadblocks. Under the previous U.S. administration, the Securities and Exchange Commission (SEC) introduced stringent balance-sheet requirements for banks holding crypto assets for clients. This created hurdles for financial institutions exploring digital asset custody. However, after obtaining regulatory exemptions in 2024, BNY resumed its crypto custody services, allowing the bank to hold Bitcoin and Ethereum for exchange-traded products. The regulatory landscape has since shifted further under the current administration, enabling more seamless blockchain adoption within traditional finance.The launch of this accounting tool shows a change in how traditional financial institutions approach blockchain integration. While digital assets were once seen as volatile and risky, leading firms like BlackRock have actively embraced tokenization as a way to modernize fund management. Recall that BlackRock's CEO Larry Fink recently suggested that every financial asset could be tokenized.BNY Mellon's Expanding Footprint in Blockchain and CryptoBNY Mellon's foray into blockchain is not new. The bank has been actively developing digital asset services for several years. In 2022, the firm launched its Digital Asset Custody Platform, allowing select clients to store and transfer Bitcoin and Ethereum. A year earlier, the bank established its Digital Assets Unit, a dedicated division focusing on blockchain-based financial solutions. The unit has since worked on integrating blockchain technology into various financial services, including trade finance. In 2021, BNY Mellon joined the Marco Polo Network, leveraging distributed ledger technology to streamline global trade operations. Additionally, BNY Mellon Investment Management launched a Blockchain Innovation Fund in Singapore, providing investors exposure to companies adopting blockchain technology.

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BlackRock Expands $1.7B Tokenized Money Market Funds to Solana

Author: Elendu Benedict

United States

Source: The Crypto Basic

Mar 26, 2025 03:35

BlackRock Expands $1.7B Tokenized Money Market Funds to Solana

BlackRock has launched its blockchain-based treasury funds on the Solana network, expanding accessibility to the $1.7 billion financial product.BlackRocks technological partner, Securitize, announced today that the $11.6 trillion AUM asset manager is expanding its asset tokenization agenda to the Solana network. Per an exclusive report by Fortune, the BlackRock USD Institutional Digital Fund (BUIDL) is now available on Solana.The institution-grade, blockchain-based money market funds bring traditional US dollar yield on-chain, presenting eligible investors with tokenized versions of the instrument. Notably, Solana becomes the seventh network where users can access BUIDL, which is already available on Ethereum, Optimism, Aptos, Avalanche, Arbitrum, and Polygon.For context, BUIDL launched in March 2024 and has accumulated $1.7 billion in assets under management (AUM), domiciled in cash and Treasury bills. With the growing traction, market observers expect the fund to hit $2 billion in April.$1.7B Tokenized Treasury Funds Launch on SolanaSolanas swift transactional acumen and cheap fees have been its major lure, threatening Ethereums dominance. Institutions are beginning to maximize these qualities, evident in the increasing traction to the blockchain.BlackRocks tokenized fund integration into Solana follows a similar ploy by financial titan Franklin Templeton. Particularly, the prominent asset manager launched the Franklin Onchain US Government Money Fund (FOBXX) on the Solana network in February. Notably, the $694 billion fund is the third-largest blockchain-based money market, just below BUIDL and Hashnotes USYC fund.Securitize COO Michael Sonnenshein stated that expanding tokenized treasuries to blockchain makes them unboring. Citing the time constraints of the traditional market, he noted that on-chain integration gives investors 24/7 access to the funds while increasing convenience.BlackRock Expands Crypto FootprintMeanwhile, BlackRocks BUIDL launch on Solana is part of the asset managers plan to expand its footprint in the crypto space. Last year, the $11.6 trillion asset manager launched a US Bitcoin and Ethereum spot exchange-traded fund (ETF), recording incredible success, especially with the former.On Tuesday, BlackRock further expanded its Bitcoin ETP to Europe. It announced that the product would launch in Xetra and Euronext Paris and Amsterdam. This followed an earlier entry into Canada to grow access to Bitcoin through ETFs.With the breakthrough, the firm seems to have switched its focus to asset tokenization. BlackRocks CEO, Larry Fink, believes moving traditional investment vehicles to the blockchain is the next big thing.

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BlackRock Brings Bitcoin ETP to Europe Following US Success

Author: Okoya David

United States

Source: The Crypto Basic

Mar 26, 2025 03:35

BlackRock Brings Bitcoin ETP to Europe Following US Success

BlackRock is bringing its Bitcoin exchange-traded product to the European market, according to a Bloomberg report.On Tuesday, March 25, BlackRock will list its Bitcoin ETP with the ticker IB1T on Xetra and Euronext Paris, while on Euronext Amsterdam, it will list as BTCN. To attract investors to the product at launch, BlackRock is offering a 0.10% fee waiver. This will reduce its management fee to 0.15% until the end of 2025, making it one of the cheapest in the region.According to BlackRock, the European product will leverage custody services from leading crypto exchange Coinbase, just like its U.S.-based fund.BlackRock's European Bitcoin ETP launch comes on the heels of the success of its U.S.-based fund, which launched in January 2024 and quickly attracted billions to achieve the best launch of any ETF in history. At Bitcoin's price peak in January 2025, the product boasted over $60 billion in assets under management. However, this is currently down to about $50 billion at the time of writing amid the asset's recent price woes. Still, it is the largest of the 12 spot Bitcoin ETFs listed in the U.S.Nonetheless, Europe is a significantly smaller market. The entire European crypto ETP market boasts an AUM of only about $13 billion, with the largest ETP, CoinShares' Bitcoin ETP, boasting an AUM of just $1.3 billion. Global crypto funds have recently endured a rough patch, with a record five-week outflow streak totaling $6.4 billion. Last week, however, these funds resumed winning ways with $644 million in net inflows.

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BlackRock Says Bitcoin Price Will Soon Match Growing Institutional Adoption

Author: Elendu Benedict

United States

Source: The Crypto Basic

Mar 20, 2025 03:35

BlackRock Says Bitcoin Price Will Soon Match Growing Institutional Adoption

BlackRocks head of digital assets, Robbie Mitchnick, has suggested that Bitcoins price will soon match up with growing institutional adoption.Speaking at Yahoo Finance on Wednesday, Mitchinck pointed out that Bitcoin remains 15% above its early November prices despite the recent downsides. Furthermore, he emphasized that Bitcoins recent price action has not reflected its massive institutional adoption, suggesting an imminent exponential growth to echo this bullishness.Meanwhile, Bitcoins downsides come despite bullish propellants from the United States. For perspective, President Donald Trump recently signed an executive order to create a much-anticipated US Strategic Bitcoin Reserve.While market observers expected this to spur a meteoric surge in Bitcoins price, the pioneering cryptocurrency has retraced substantially since then. Mitchnick suggested there were premature expectations of the effect of these bullish catalysts on the market, hence the delayed gratification.ETF Outflows a Result of Hedge Funds UnwindingMeanwhile, the BlackRock executive identified the prominent asset manager's blossoming efforts to attract institutions and wealth managers to its Bitcoin product. He acknowledged that the company has made significant progress in this ploy, and the recent downturn has not abated its efforts.Notably, the recent filings disclosed several institutional exposures to BlackRocks iShares Bitcoin Trust (IBIT). Firms like Barclays, JPMorgan, and Avenir Group revealed that they were holding a lump sum of the investment vehicle tracking Bitcoins price.Furthermore, Mitchnick noted that the moderate Bitcoin spot exchange-traded funds (ETFs) outflows emanated from hedge funds unwinding of the spot-futures arbitrage trades. He clarified that the long-term investors still hold on to their stash.Recession Could Trigger Bitcoin AdoptionWhen asked about why Bitcoin has not held its own in the face of the global market uncertainties as gold has, Mitchnick noted that the assets long-term fundamentals suggest it should be inversely correlated with risk factors.However, he termed the assets recent correlation spike with economic risk factors "self-inflicted," as certain industry commentaries continue to classify Bitcoin as a risk-on asset. Meanwhile, he insisted that its intrinsic qualities would prove true in the long term, and the asset would soon match its growing reputation as digital gold.Notably, this comparison comes as gold surged to new all-time highs amid global market uncertainties while Bitcoin struggled to sustain bullish momentum. Moreover, Bloombergs senior ETF analyst recently defended the assets decline in the face of the US stock and bond crash.Mitchnick also suggested that a recession would be a big catalyst for Bitcoin. He highlighted certain features of a market depression that favor the assets characteristics, including increased fiscal spending, lower interest rates, monetary stimulus, and fears of general social disorder.

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BlackRock Recommends Bitcoin Allocation With Addition to Its Model Portfolio

Author: Elendu Benedict

United States

Source: The Crypto Basic

Mar 02, 2025 03:35

BlackRock Recommends Bitcoin Allocation With Addition to Its Model Portfolio

BlackRock, the worlds largest asset manager by assets under management, recently recommended Bitcoin allocation by including the asset in its model portfolios.The prominent asset manager has been big on Bitcoin and its rare qualities. Now, it has taken another step in promulgating the pioneering cryptocurrency by recently adding it to its model portfolio offerings.BlackRock confirmed on Friday that it has added the iShares Bitcoin Trust (IBIT)the fastest-growing fund in ETF history, providing alternative exposure to Bitcointo the Target Allocation with Alternatives models.BlackRock Adds Bitcoin to Institution-Tailored Portfolio ModelFor perspective, a model portfolio is a collection of predefined asset allocations tailored to meet clients' risks and reward objectives. Asset managers alter these portfolios over time according to changing market conditions and clients' dispositions.On Thursday, BlackRock added IBIT to the Target Allocation with Alternatives and Target Allocation with Alternatives Tax-Aware portfolios. The asset manager confirmed adding 1% to 2% of the Bitcoin-focused product to the model portfolios.Michael Gates, the lead portfolio for the BlackRock alternative model portfolio, noted that several theses confirm intrinsic value and long-term investment merits. Some include the assets scarce property and track record of hedge against inflation.BlackRock's IBIT Addition to Model PortfoliosAs a result, the addition could provide its clients with a higher risk appetite and portfolio growth target exposure to Bitcoin. Notably, this is the first time BlackRock is adding IBIT to any of its model portfolios, a shift teased to spur demand for the ETF.The Addition Is a Big DealMeanwhile, the addition followed BlackRocks allocation adjustments of its funds on Thursday. The asset manager made several changes to its model portfolios, affixing IBIT for the first time.Analysis suggests that although the models BlackRock added IBIT to were some of its low-end funds in AUM, it is a big deal for Bitcoin. Brain Rose, the host of London Real, stated that the development looks more significant than it seems.He noted that BlackRocks model portfolios guide billions of funds as large investors copy them for allocation. Furthermore, he suggested that it could stir other asset managers to pursue a similar ploy, increasing inflows into Bitcoin.Recall that BlackRocks head of digital asset research, Robert Mitchnick, stated that the asset manager would focus on attracting institutions and wealth managers to adopt Bitcoin. The addition reflects one means BlackRock looks to use to draw demand for the IBIT.

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BlackRock Dumps $441M in Bitcoin and $71M+ Worth of Ethereum Amid Market Sell-Off

Author: Elendu Benedict

United States

Source: The Crypto Basic

Feb 28, 2025 03:35

BlackRock Dumps $441M in Bitcoin and $71M+ Worth of Ethereum Amid Market Sell-Off

BlackRock continued its Bitcoin and Ethereum sell-off today, moving a substantial portion of its assets to crypto exchange Coinbase Prime.The panic in the cryptocurrency market has intensified, with the Crypto Fear and Greed index dropping to 10, a level last seen in 2022. Notably, the Solana meme coin fallout and Donald Trumps recent tariff vows have spurred this skepticism.Notably, the sell-off has spilled over to diamond-handed asset manager BlackRock, which has resumed liquidating its Bitcoin and Ethereum stash. The leading Bitcoin exchange-traded fund (ETF) issuer has had a track record of holding onto its stash despite market downturns until now.BlackRock Dumps Fresh Bitcoin and EthereumData from Arkham shows that the issuer of the fastest-growing fund in ETF history continued its selling spree today. BlackRock shifted 5,100 BTC ($441 million) and 30,280 ETH ($71.85 million) to the Coinbase Prime deposit address.The prominent asset manager transferred the Bitcoin in batches of 300 BTC over 17 transactions, starting around 11:15 (UTC) on Thursday. Before then, the address tied to BlackRock had moved 30,280 ETH over four transactions to the same recipient.BlackRock Bitcoin SalesBlackRock Bitcoin SalesNevertheless, BlackRock still holds significant amounts of both assets. At the time of writing, the leading asset manager by assets under management (AUM) holds 583,019 BTC ($50.26 billion) and 1.328 million ETH ($3.11 billion).BlackRocks Bitcoin and Ethereum HoldingsBlackRocks Bitcoin and Ethereum HoldingsOther Asset Managers Also SellingMeanwhile, the sales reflect the outflows recorded in the US Bitcoin and Ethereum spot ETFs. Other asset managers also sold substantial amounts of the assets in the past 24 hours. For context, the Bitcoin products sold $754 million worth of the asset yesterday, with BlackRock leading the dumps.The BlackRock iShares Bitcoin Trust (IBIT) sold $418 million in BTC yesterday as investors massively withdrew funds from the issuer. Other notable sales came from the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Ark 21 Shares Bitcoin ETF (ARKB), which recorded an outflow of $145.7 million and $60.46 million, respectively.Moreover, BlackRocks Ethereum fund (iShares Ethereum Trust) also led outflows in the US Ethereum spot ETFs yesterday, dumping nearly $70 million worth of the asset. Fidelity, Grayscale, and Bitwise saw outflows culminating in a combined $24.5 million.At the time of writing, Bitcoin trades at $85,712 and Ethereum at $2,329.

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State of Wisconsin Pension Fund Doubles Bitcoin Exposure with $321M Disclosure

Author: Elendu Benedict

United States

Source: The Crypto Basic

Feb 16, 2025 03:35

State of Wisconsin Pension Fund Doubles Bitcoin Exposure with $321M Disclosure

The State of Wisconsin's pension arm has disclosed that it has more than doubled its exposure to Bitcoin, now holding $321 million in ETFs.According to a Friday 13F filing with the US Securities and Exchange Commission, the State of Wisconsin Investment Board (SWIB) has increased its Bitcoin exposure. The state-owned pension fund revealed it now holds $321 million worth of Bitcoin exchange-traded funds (ETFs).Wisconsins Pension Doubles Down on BitcoinAt the end of Q4 2024, the pension fund disclosed holding $104 million in Bitcoin ETFs, specifically, 2,889,251 BlackRock iShares Bitcoin Trust (IBIT) shares. Notably, this was a massive step down from the Wisconsin pensions initial exposure to the Bitcoin products.For context, the SWIB held $164 million worth of Bitcoin ETFs in Q1 2024, becoming one of the early pioneers of the funds. The pension fund disclosed 2.4 million shares ($100 million) of IBIT and 1 million shares ($64 million) of the Grayscale Bitcoin Trust (GBTC) in its balance sheet.However, the Feb. 14 filing shows that the state-owned pension fund has doubled down on its Bitcoin exposure. The SWIB bought 3,171,100 more shares of the IBIT between October and December 2024, taking its stash to 6,060,351.Growing Exposure to BitcoinMeanwhile, the Wisconsin pension funds extended exposure mirrors a growing rate of Bitcoin acquisition among institutions. Notably, the January 2024 launch of the Bitcoin ETFs provides an easier route for corporate and private firms to invest indirectly in the pioneering cryptocurrency.Recent 13F filings among notable firms have shown the sources of the incessant inflows into Bitcoin ETFs recorded in the fourth quarter of last year. Notably, Trumps flirtation with the industry also contributed to this growing interest.Goldman Sachs revealed earlier in the week that it increased its Bitcoin ETF exposure during the same period and now holds $1.27 billion worth of the products. Top British bank Barclays also disclosed exposure to the funds, buying $131 million of IBIT.Other firms, such as the Avenir Group, also bought $599 million worth of Bitcoin through the IBIT, while the National Bank of Canada holds $2 million in ETFs.

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BlackRock Ethereum ETF Now Holds 1M ETH as Institutional Interest Grows

Author: Okoya David

United States

Source: The Crypto Basic

Dec 19, 2024 03:35

BlackRock Ethereum ETF Now Holds 1M ETH as Institutional Interest Grows

The BlackRock iShares Ethereum Trust ETF (ETHA) crosses a major milestone in its Ethereum holdings amid an impressive surge in institutional interest.2024 has arguably been the year of institutional adoption for crypto as newly launched U.S. spot Bitcoin and Ethereum ETFs have funneled billions into the market. As the year ends, this capital influx shows no signs of slowing. In the latest instance highlighting this surge in institutional interest, one of these newly launched products has hit a new milestone.BlackRock Ethereum ETF Hits 1M ETHBlackRock's Ethereum ETF (ETHA) has hit a new milestone. As highlighted by blockchain tracker Lookonchain on Wednesday, December 18, the investment vehicle now holds over 1 million ETH, specifically 1,025,378 ETH worth over $4 billion.BlackRock Ethereum ETFThis feat is significantly impressive, as the product has only been open for trading for less than six months after launching in July 2024. ETHA is the first among the newly launched Ethereum ETF products to reach the milestone. For context, Grayscale's mini Ethereum ETF ETH boasts the second-largest holdings among the newly launched products, with over 476,000 ETH worth nearly $1.9 billion.The recent BlackRock Ethereum ETF milestone comes as the products have seen a resurgence in recent weeks after initial struggles.Ethereum ETFs Make a Comeback At launch, Ethereum ETFs struggled to see significant inflows, and whatever inflows came were drowned out by outflows from Grayscale's larger Ethereum ETF fund, ETHE. This trend, however, appears to have hit an inflection point in September 2024, further accelerating in November 2024 following Donald Trump's election victory.The Crypto Basic confirmed on Dec. 13 that daily positive netflows into the Ethereum ETFs as well as the Bitcoin ETFs had reached a double-digit streak. Last month, Kaiko Research noted that major tradfi institutions were pouring investments into the Ethereum ETF products.Chart showing inflows to spot Ethereum ETFs. Source: SoSoValueChart showing inflows to spot Ethereum ETFs. Source: SoSoValueThese products saw total net inflows of over $850 million last week alone and now hold more than $14 billion in assets, per SoSoValue data. Despite the continuous inflows, BlackRock's Head of Digital Assets Research, Robert Mitchnick, argued in October that the Ethereum products would take time to match their Bitcoin counterparts.

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BlackRock Bitcoin ETF Breaks Into Top 3 Global ETFs Amid Record $1.14T Inflows in 2024

Author: Abdulkarim Abdulwahab

United States

Source: The Crypto Basic

Jan 03, 2025 03:35

BlackRock Bitcoin ETF Breaks Into Top 3 Global ETFs Amid Record $1.14T Inflows in 2024

The just-concluded year, 2024, set a new benchmark for the ETF industry, with Bitcoin ETFs contributing massively to a historic total net inflows of $1.14 trillion.The BlackRock Bitcoin ETF (IBIT) secured $37.25 billion in assets during its first year of trading. According to Eric Balchunas, senior ETF analyst at Bloomberg, this significant figure placed it in third place on the final Top 20 ETF Leaderboard for 2024.This rapid growth for an ETF that is less than a year old highlights the growing institutional interest in cryptocurrency, particularly Bitcoin.Top Ranking ETFs for 2024 Amid Record $1T InflowsMeanwhile, the Vanguard S&P 500 ETF (VOO) and iShares Core S&P 500 ETF (IVV) claimed the top two spots. VOO closed 2024 with a massive $116 billion inflow, a staggering $65 billion more than its previous record. Likewise, IVV finished with $89 billion in assets.Despite their dominance, the rapid rise of IBIT in under a year of launch indicates how investors are increasingly looking to diversify into digital assets through ETFs.Notably, total flows into mainstream ETFs in 2024 broke records, with $1.14 trillion flowing into the sector. This figure represents a 25% increase from the previous year, totaling $225 billion more in assets.Ranking of global ETFs for 2024 featuring BlackRock Bitcoin ETFBitcoin ETFs Market With Record InflowsBesides BlackRock's IBIT, no other crypto investment product made it to the top ten ranking for highest flows in 2024. BlackRock's closest rival, the Fidelity Wise Origin Bitcoin Fund (FBTC), ranked 14th with a one-year inflow of $11.84 billion. For context, BlackRock's ETF inflow for 2024 was more than three times this figure.BlackRock and Fidelity have been the two behemoths of the Bitcoin spot ETF market. Their closest rival in terms of inflows was the Bitwise Bitcoin ETF (BITB), which saw only $2.17 billion in inflows throughout 2024.While these asset managers are registering notable Bitcoin investments throughout 2024, Grayscale, once the market leader, bled $21.296 billion in outflows for the year. Despite this staggering outflow from Grayscale, the overall U.S. Bitcoin spot ETF market welcomed a net positive flow of $35.24 billionan impressive figure attained even before their first birthday.

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BlackRock Says Bitcoin Adoption Still Early Despite ETFs Year One Success

Author: Elendu Benedict

United States

Source: The Crypto Basic

Jan 16, 2025 03:35

BlackRock Says Bitcoin Adoption Still Early Despite ETFs Year One Success

BlackRocks head of digital assets, Robert Mitchnick, says Bitcoin adoption is about to take off as institutional players have yet to fully join the party.Speaking in a Bloomberg interview, Mitchnick insisted it is still early days for Bitcoin adoption. The BlackRock executive stated that more institutions and wealth advisors would begin gaining exposure to Bitcoin through the iShares Bitcoin Trust (IBIT), broadening the reach of the pioneering cryptocurrency.Early Days Despite Stellar Year One PerformanceBlackRock led what was one of the most successful exchange-traded funds (ETFs) launches in history. The asset manager and ten others launched the Bitcoin spot ETFs a little over a year ago, with the funds gaining instant traction.On the heels of the impressive inflows, BlackRocks IBIT became the most successful launch in ETF history, crossing an inflow of $50 billion in record time. The issuer also became the largest Bitcoin holder, overtaking long-standing record holder Satoshi Nakamoto.Despite these burgeoning feats, Mitchnick insists Bitcoin adoption is still early. He argued that many institutions and wealth advisors have not started buying Bitcoin and hope to attract them this year.BlackRock Turns Attention to Large-Scale AdoptionThe BlackRock executive stated that the asset manager will stick to its year-one strategy, which centers around enlightening its clients about the prospect of holding Bitcoin through IBIT. While admitting that direct end demand for BlackRocks Bitcoin ETF was gangbusters out of the gate, Mitchnick noted that the issuer is slowly turning its attention to large investors.He told Bloomberg that Bitcoin adoption by institutions and wealth managers requires time, owing to the rigorous due diligence and approval processes. However, BlackRock remains focused on engaging with them and providing the needed resources and education.Meanwhile, Mitchnick noted that these large-scale investors are beginning to come around, especially in the last quarter of 2024. Notably, the 13F SEC filing for the previous quarter shows that 682 unique filers hold BlackRocks IBIT.Furthermore, BlackRock recently launched an iShares Bitcoin ETF in Canada, expanding its reach. The asset manager intends to foster Bitcoin adoption in the region amid growing demand to gain exposure to Bitcoin.More Adoption on The HorizonThe Bitcoin ETF is one significant source of inflows into Bitcoin. However, inflows through other means are beginning to gain notable traction.Since Donald Trumps November flirt with the crypto industry, corporate firms and nations globally have started showing interest in Bitcoin. Aside from MicroStrategys incessant Bitcoin purchases, other firms like Rumble, Matador, and Kurl Technologies have committed to massively stacking the premier asset as a reserve asset.Meanwhile, market experts have insisted that Bitcoin will see greater adoption if Trump implements his promises to the crypto industry. The pro-Bitcoin president teased regulatory reform favoring digital assets and creating a US strategic Bitcoin reserve.

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BlackRock Bitcoin ETF Now Trading on Canadian Stock Exchange

Author: Olivia Stephanie

United States

Source: The Crypto Basic

Jan 15, 2025 03:40

BlackRock Bitcoin ETF Now Trading on Canadian Stock Exchange

BlackRock Asset Management Canada Limited has officially launched the iShares Bitcoin ETF, further expanding crypto investment options in Canada.The ETF trades under the tickers IBIT and IBIT.U on Cboe Canada, the country's tier-one stock exchange. Notably, it offers a regulated avenue for investors seeking exposure to Bitcoin via traditional brokerage accounts.https://twitter.com/AltcoinDailyio/status/1878867621103501564Investment Strategy of the Bitcoin ETFThe iShares Bitcoin ETF is designed to mirror Bitcoins price movements, excluding operational costs and liabilities. To achieve this, the fund allocates most of its assets to the U.S.-based iShares Bitcoin Trust ETF (U.S. IBIT), which maintains a portfolio primarily consisting of long-term Bitcoin holdings. By integrating with established financial systems, the ETF eliminates the technical challenges of managing Bitcoin directly. This makes it an appealing choice for investors seeking secure and streamlined access to the digital currency.Cboes Legacy of Pioneering Crypto ETFsIn their press release, Rob Marrocco, the Global Head of ETF Listings at Cboe, emphasized the platforms commitment to innovation by facilitating the launch of BlackRock Canadas IBIT ETF. Marrocco highlighted Cboes track record of introducing groundbreaking products, including spot crypto ETFs in the United States. He also noted the growing demand for cryptocurrency investments through regulated, exchange-listed options. According to him, Cboe plans to address this demand by leveraging its global listing capabilities and expertise in derivatives to expand market access and support the development of the broader crypto ecosystem. He also underscored Cboes collaboration with BlackRock, expressing optimism about fostering the success of the IBIT ETF on a global scale through Cboes expansive listings network.Rising Demand for Bitcoin ETFsThe launch aligns with a notable increase in Bitcoin ETF inflows in the U.S. market. As of early January 2025, net inflows into U.S. spot Bitcoin ETFs reached 17,567 BTC, valued at approximately $1.7 billion. This activity surpassed the weekly average inflows recorded in the final quarter of 2024. Last year marked a pivotal moment for the ETF sector, with total net inflows across all ETFs reaching a record $1.14 trillion. Specifically, the BlackRock Bitcoin ETF demonstrated remarkable growth in its debut year, accumulating $37.25 billion in assets. This performance positioned it as the third-largest ETF in the 2024 leadership board. Specifically, it trails only the Vanguard S&P 500 ETF (VOO) and iShares Core S&P 500 ETF (IVV).

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