BlackRock's Cryptocurrency Assets Surge by $29.5 Billion... Which Coin Did They Buy More Than Bitcoin?

▲ BlackRock (NYSE: BLK)/Source: X ©

BlackRock, the world's largest asset manager, saw its cryptocurrency portfolio expand to approximately $77.1 billion, growing by about $29.54 billion in just three months. Amidst a surge in Bitcoin (BTC) and Ethereum (ETH) prices coupled with aggressive asset accumulation, Ethereum's holding growth rate significantly outpaced Bitcoin's in the third quarter.

According to crypto media outlet Finbold on September 30 (local time), an analysis of Arkham Intelligence data revealed that BlackRock's crypto assets increased from $47.56 billion on July 1 to approximately $77.1 billion on September 30. The increase over three months amounted to $29.54 billion, representing a growth rate of approximately 62.11%. Finbold explained that the bullish trend in the cryptocurrency market and BlackRock's active asset accumulation led to the sharp increase in portfolio value.

The price increase effect was also significant. BTC rose from $58,564 on July 1 to approximately $84,000 at the time of writing, surging over 42% in the third quarter. ETH, during the same period, jumped over 70% from $1,570 to $2,667, recording a higher growth rate than Bitcoin.

BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), held approximately 738,200 BTC at the beginning of the third quarter, with an estimated value of about $43.23 billion at the time. Over the subsequent three months, an additional 63,070 BTC were acquired, increasing the holdings to 801,270 BTC. The growth rate by holding volume was 8.54%.

The pace of Ethereum accumulation was even steeper. BlackRock's spot Ethereum ETFs, iShares Ethereum Trust ETF (ETHA) and iShares Staked Ethereum Trust ETF (ETHB), collectively held 2.75 million ETH at the beginning of the third quarter. Over the next three months, more than 1 million additional ETH were purchased, increasing holdings to 3.76 million ETH. The growth rate was 36.49%, significantly surpassing Bitcoin's holding growth rate of 8.54% during the same period.

Finbold thus assessed that the intensity of asset accumulation by BlackRock investors was stronger in Ethereum than in Bitcoin during the third quarter. However, the proportion of BTC in the increase of BlackRock's cryptocurrency portfolio value remained overwhelming at 80.57%. This means that while ETH holdings grew faster in Q3, Bitcoin was still the asset primarily driving the overall expansion of the cryptocurrency portfolio value.

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