BlackRock and Fidelity Buy Over $590 Million in Bitcoin and Ethereum, BlackRock Hits New Bitcoin Holding Record

The world's largest asset manager has made substantial purchases of cryptocurrencies, acquiring over $590 million worth of Bitcoin and Ethereum

BlackRock and Fidelity have been busy buying up cryptocurrencies, with the former making substantial purchases of both Bitcoin and Ethereum.

The world’s largest asset manager bought around $306 million worth of Bitcoin on May 20 and a further $287.5 million on May 21, according to a filing.

This brings the firm’s total Bitcoin holdings to around 636,000 to 639,000 coins, which is a new all-time high.

In addition to Bitcoin, BlackRock has also invested heavily in Ethereum, purchasing batches of the cryptocurrency that ranged in value from $13.1 million to $64.8 million over the same period.

Fidelity was also among the major financial institutions that bought Ethereum this week. The firm acquired batches of the cryptocurrency that ranged in value from $13.1 million to $64.8 million.

These acquisitions continue a trend of growing institutional interest in digital assets.

After a turbulent few months in the crypto markets, signs of stability are emerging.

The price of Bitcoin dropped sharply in March, falling below the $20,000 mark for the first time since November 2020.

However, the cryptocurrency has since recovered somewhat, trading above $26,000 at the time of writing.

The price of Ethereum has also been volatile but has managed to stay afloat, trading around the $1,700 level.

Despite the recent downturn, institutions appear to be maintaining their interest in cryptocurrencies.

BlackRock’s latest round of purchases brings its total exposure to Bitcoin to around $7 billion.

The firm began investing in cryptocurrencies in 2021 and has been steadily increasing its holdings ever since.

In addition to Bitcoin and Ethereum, BlackRock also holds small stakes in other cryptocurrencies, including Litecoin and Chainlink.

These latest purchases are a clear indication that BlackRock is bullish on the long-term prospects for digital assets.

The firm’s entry into the crypto market has been closely watched by industry participants.

BlackRock’s decision to invest in cryptocurrencies is a significant development that could help to legitimize and mainstream the asset class further.

The firm’s size and influence make it a powerful player in the financial markets.

Its entry into cryptocurrencies could encourage other major institutions to follow suit.

This could lead to a massive influx of capital into the digital asset market, which could have a significant impact on the price of cryptocurrencies.

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