BlackRock buys over $400 million of these 2 cryptos

BlackRock’s iShares Bitcoin Trust ETF (IBIT) bought another $336 million worth of Bitcoin (BTC) in a single day, adding 3,005 BTC to its holdings and bringing its total assets under management to over $72.7 billion.

When BlackRock filed for IBIT in 2024, Bitcoin’s price was $30,000. Now, it’s approaching $110,000, which is a return 7x that of the S&P 500, as noted by analyst Eric Balchunas on June 10. 

The success comes as U.S. spot Bitcoin exchange-traded funds (ETFs) near a combined $1 trillion in trading volume, up from $100 billion in March. 

The momentum allowed IBIT to hit a new all-time high of $62.75 per share yesterday, marking a nearly 150% return for investors since its January 2024 debut. At press time, IBIT is sitting at $62.06 in pre-market, marking a -0.37% dip.

IBIT 24-h price. Source: Google
IBIT 24-h price. Source: Google

Ethereum ETFs

In addition to BTC, BlackRock has also reportedly acquired $80.6 million worth of Ethereum (ETH). 

Following the news, the token crossed the $2,800 threshold, now trading at $2,801.

ETH 24-hour price. Source: Finbold

The purchase aligns with BlackRock’s expanding ETH exposure via its iShares Ethereum Trust ETF (ETHA), which saw $249 million in inflows last week.

All in all, BlackRock’s moves suggest institutional investors are actively increasing their demand for altcoins. 

Featured image via Shutterstock

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