BlackRock, the issuer of the Bitcoin spot exchange-traded fund (ETF) IBIT, has purchased over $680 million worth of Bitcoin in the past two days. As Bitcoin prices have surged, IBIT has emerged as the most successful ETF.
BlackRock's management highly values Bitcoin and it appears to play an important role in the company's future strategy.
Over $1.07 billion net inflows into IBIT this week
According to data provided by on-chain data analysis firm Lookonchain, the ETF issuer BlackRock has been massively purchasing BTC due to the success of IBIT. On October 15, it purchased BTC worth $294 million. The next day, on October 16, it purchased over $390 million worth of BTC, more than 40 billion won.
Read more: Who Will Own the Most Bitcoin by 2024?
It is no surprise that BlackRock's continued passion for BTC is due to the remarkable success of its IBIT Bitcoin ETF. This month, Eric Balchunas declared IBIT as one of the top-performing ETFs over the past 10 years. Its total assets have exceeded $25 billion. While the overall Bitcoin ETF market has surged this week, IBIT has been the most notable.
Several of BlackRock's senior executives have also not hidden their optimism for Bitcoin in October. Jay Jacobs, BlackRock's Head of U.S. Thematic & Active ETFs, predicted that the BTC market will grow to a $30 trillion scale in the coming years. CEO Larry Fink also promised future growth for the company's strategy, referring to Bitcoin as an "independent asset class" during the earnings call.
"We will continue to introduce new products that make investing easier and more affordable," Fink said.
BlackRock has already built an impressive Bitcoin inventory and is competing with Binance. As IBIT is a spot ETF, BlackRock needs to hold the corresponding amount of BTC to continue issuing the product.
Read more: What is a Bitcoin ETF?
On Thursday, IBIT recorded inflows of 309 billion won, the highest among all spot Bitcoin ETFs. According to SoSoValue's data, there were total inflows of 1.07 trillion won this week.
