BlackRock, the world’s largest asset manager, has increased its Bitcoin exposure as prospects for crypto-related legislation improve. SoSoValue (SoSovalue) reported that BlackRock recently purchased about $64.5 million worth of Bitcoin. The move comes after three consecutive days of net outflows from BlackRock’s physical Bitcoin ETF, IBIT. Previously, BlackRock deposited $173 million in Bitcoin (2,563 BTC) and $97 million in Ethereum into Coinbase, signaling an intent to sell.
However, with macro data and legal rulings shifting the environment, BlackRock resumed purchases and maintained a constructive long-term outlook for its crypto holdings. Recently, Bitcoin’s price has traded in a range amid mixed macro data. The U.S. personal consumption expenditures price index rose more than expected, reviving inflation concerns and fueling trading activity among major asset managers, even as prices faced downside pressure. The reversal came on a court ruling that the Supreme Court found the imposition of tariffs under the Trump administration’s IEEPA to be unlawful, sending bullish signals for Bitcoin.
Even after price stabilization following further responses from the Trump camp, BlackRock has continued to grow its crypto holdings. The prospect of passage for the Clarity Act has grown more likely, aligning with BlackRock’s moves. Policymaker sentiment has turned positive, and Polymarket’s odds of passage have risen. Notably, Patrick Witt, a Trump crypto adviser, revived a plan for stablecoin rewards tied to transaction history that could lower entry barriers for large institutions like BlackRock.
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