BlackRock's BTC reserves reached 350,000, ranking third in the world
Source: beincrypto
Compile:Blockchainknight
According to on-chain data, BlackRock’s active promotion of BTC has brought its holdings to nearly 350,000 BTC.Become the world's third largest holder after Satoshi Nakamoto and Binance.
As BlackRock continues to establish itself as a dominant player in the crypto asset space, its various ETF products and interest from institutional investors are also growing.
BlackRock’s entry into the BTC industry is an important turning point for the industry.BlackRock CEO Larry Fink is strongly skeptical of BTC, believing that BTC is a speculative and potentially dangerous asset.
However, in the past few years,His position has completely changed..
Fink now believes that BTC is an "international asset" with the potential to transform the financial industry, a shift that has driven BlackRock's deeper involvement in the Crypto asset market.
The firm's flagship product, iShares IBIT, is a core component of this strategy.
IBIT was launched earlier this year in the pursuit of BTC SafetyRapidly gaining popularity among institutional investors with risk exposure. Therefore, BlackRock’s holdings of BTC are close to 350,000.
It is estimated that Satoshi Nakamoto's BTC reserves are 1.1 million, while Binance's BTC holdings are approximately 550,000.
Eric Balchunas, Bloomberg ETF analyst, said: “I didn’t expect that the US ETF would surpass Satoshi Nakamoto at the BTC conference in October.BlackRock alone is already ranked third and is expected to be first by the end of next year., and it is likely to remain so for a long timeXiaobai Navigationbetween."
Interestingly, the balance of power in the ETF market was very different just a few months ago, with Grayscale leading the pack and holding more BTC than BlackRock.
Now, however, things have changed, and Grayscale is struggling with customer redemptions as investors pull out.
The main reason for investors to withdraw is Grayscale's high handling fee of 2.5%, while the industry average handling fee is 0.25%.
BlackRock's growing business in Crypto assets has opened the door for more traditional financial firms to enter the market.
Recent filings show that large institutions such as Capula Management, Goldman Sachs, and DRW Capital have been buying up shares of BlackRock’s iShares IBIT.
It is undeniable thatETFs have played a key role in establishing crypto assets as a legitimate asset class, but crypto assetsCommunityThere are still differences of opinion within.
Many believe that large financial institutions are increasingly at odds with the founding principles of BTC. For these critics, institutional control of the crypto asset space erodes this original ethos, shifting power back to the entities that BTC was meant to bypass.
Someone suggested: "Doesn’t this go against the original intention of “decentralization”?BlackRock will become the largest money manager on behalf of clients, and you can’t get more centralized than that.”
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