BlackRock Buys Bitcoin Amid Price Surge

BlackRock, world’s leading investment provider which has one of the biggest Bitcoin holding has yet again made it to the headlines. The company’s CEO Larry Fink has been a crypto enthusiast since the beginning and due to his contribution in the industry, BlackRock has become one of the top 10 companies with highest Bitcoin holdings.

BlackRock’s Biggest Purchase in the Last 7 Months

In recent turn of events, BlackRock has made a significant move by purchasing 8,805 $BTC worth $630 million dollars on October 29,2024. This purchase marks as a largest single-day purchase in the last 7 months with bringing their total Bitcoin holding to 417,058 $BTC worth $29.84B.

1/ FDUSD expands to Solana 🔥

We’re thrilled to share that $FDUSD will be available on the @solana blockchain, bringing faster, more efficient transactions to our users and expanding our reach across the digital asset ecosystem. pic.twitter.com/e8vYCgUEeq

— First Digital Labs (@FDLabsHQ) October 30, 2024

BlackRock’s Total Bitcoin Holdings

With technological innovation in the industry, long-term value proposition and other factors, BlackRock’s interest in Bitcoin has been increasing day by day.

The company’s aggressive buying indicates its commitment towards Bitcoin, especially as an institutional interest continues to be on the rise for cryptocurrency. With many intuitional investors following the footsteps of the company, the demand for investing in Bitcoin after the move might increase.

BTC 24 Hours Chart (Source: CoinGecko)

At press time, the price for Bitcoin is $72,238.56 with a surge of 0.6% in the past 24 hours.

Analysts predict that with increasing price of Bitcoin, such moves would also fuel Bitcoin’s demand and lead to surge in the price of the Bitcoin. 

Also Read: Former Facebook Exec Highlights Kamala Harris’s Changing Crypto Stance