BlackRock Invests $589 Million in Bitcoin and Ethereum, Signaling Growing Institutional Crypto Interest

Financial giant BlackRock has made a significant move into the cryptocurrency market by purchasing $589 million worth of Bitcoin and Ethereum from Coinbase. This investment comes amidst strong inflows for BlackRock’s exchange-traded funds (ETFs) focused on cryptocurrencies, indicating growing institutional interest in digital assets. Blackrock acquired 4,044 BTC and 80,121 ETH over three days. The purchase coincides with a surge in demand for cryptocurrencies, particularly Bitcoin and Ethereum, as seen through increased inflows into the firm’s ETFs.