Gokil, Blackrock Has 109,609 Bitcoins, Its Value Exceeds Rp 85 Trillion

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Blackrock, the world's largest asset manager, controls more than 100,000 bitcoins through its bitcoin spot Exchange Traded Funds (ETF), Ishares Bitcoin Trust (IBIT). IBIT's net asset value reached around IDR 85 trillion as of February 14, 2024.

Blackrock's IBIT Becomes the Largest Spot Bitcoin ETF in the US

According to a report released by Blackrock on Feb. 14, IBIT holds 109,609 bitcoins and $109,955 in cash, which equates to about $5,453,917,345 in net assets.

IBIT is one of 11 spot bitcoin ETFs approved by the United States Securities and Exchange Commission (SEC) on January 10, 2024. A spot bitcoin ETF is an investment product that tracks the price of bitcoin in the spot market, without the use of derivatives or futures contracts.

IBIT launched on Jan. 11 and became the largest spot bitcoin ETF in the U.S., raising $339.8 million on Feb. 14, with IBIT leading the way with $224.3 million in net inflows.

Ten other spot bitcoin ETFs in the U.S. — including Grayscale's Bitcoin Trust (GBTC), previously the world's largest bitcoin investment product — saw total net inflows of more than $4.1 billion since its launch. However, GBTC has experienced massive outflows since IBIT appeared in the market.

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Blackrock CEO Admits to Bitcoin Fan

Blackrock CEO Larry Fink recently said that he is now a "big fan" of bitcoin, stressing that "it's bigger than any government." He also said that Blackrock continues to explore the digital asset ecosystem, especially areas most relevant to their clients such as blockchain and the tokenization of stocks and bonds.

SEC Chairman Gary Gensler confirmed that approving a spot bitcoin ETF does not authorize BTC itself. He stressed that the securities regulatory agency is "value-neutral." However, he expressed concerns about bitcoin's use in ransomware, highlighting its prevalence in this illegal activity.

Meanwhile, many investors anticipate significant price increases for bitcoin due to spot bitcoin ETFs and the upcoming Bitcoin halving. Bitcoin halving is the process of halving the number of new bitcoins created every 10 minutes. The next halving is expected to happen in May 2024.

Bitcoin Becomes a Popular Investment Asset

Microstrategy's executive chairman, Michael Saylor, said this week that bitcoin has become the world's most popular investment asset. "I think the asset has found its footing and now people are starting to realize that there is 10 times more demand for bitcoin coming in through this ETF than the supply coming from ... miners," the executive argued.

Blackrock is one of the few global asset management companies that has entered the crypto market. Other companies such as Fidelity Investments and JPMorgan Chase have also offered crypto-related products and services to their clients.

Blackrock has funds under management of around $10 trillion (IDR 156.6 quadrillion) as of January 2024. The company manages funds from institutional clients, such as venture firms, hedge funds, family companies, and pension funds for all kinds of assets.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Bitcoin (BTC) is available on Bittime with the BTC/IDR market pair. To be able to buy BTC IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.

Monitor the price chart movements of Bitcoinn (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

BlackRock Bitcoin ETF Hits Record High with $720 Million Daily Volume

BlackRock: Global Investment Giant and Its Step Towards a Bitcoin ETF

Ethereum Spot ETF: SEC Delays Approval of BlackRock Application

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.