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Abu Dhabi's sovereign wealth fund has announced a significant investment of $408 million in BlackRock's Bitcoin ETF, marking a notable entry into the cryptocurrency market by a major financial player. This move reflects growing institutional interest in Bitcoin and digital assets as part of a broader investment strategy.
BlackRock is planning to tokenize exchange-traded funds (ETFs) following its recent success with a Bitcoin fund. This initiative is part of a broader trend to leverage blockchain technology in traditional finance, aiming to enhance liquidity and accessibility for investors.
BlackRock's IBIT spot Bitcoin ETF has exceeded 700,000 BTC in assets under management after 18 months of trading, commanding about 56% of the total assets held by U.S. spot Bitcoin ETFs. This milestone highlights IBIT's dominance, outperforming competitors like Grayscale's GBTC, which has seen a significant decline in its Bitcoin holdings.
BlackRock's Bitcoin ETF, IBIT, has seen significant inflows of $2.8 billion recently, with Michael Saylor predicting it will become the world's largest ETF in a decade. Currently valued at $54 billion, IBIT's growth would require extraordinary daily inflows to surpass the Vanguard S&P 500 ETF's market cap of $593.5 billion. Analysts note an increase in the annualized basis trade for bitcoin ETFs, indicating a rising risk appetite among investors.
U.S. spot Bitcoin ETFs have achieved a 10-day inflow streak totaling $4.2 billion, with BlackRock's IBIT accounting for 96% of this figure. Since its launch, IBIT has amassed $72 billion in assets and has seen no net outflows since April 9, reflecting strong market interest. Trading activity remains high, with IBIT dominating the trading volume among Bitcoin ETFs.
A recent report highlights that Harvard University has invested $116 million in BlackRock's Bitcoin ETF, marking a significant move by a prestigious educational institution into the cryptocurrency space. This investment illustrates growing institutional interest in Bitcoin and the potential for digital assets in diversified portfolios.