Even as market sentiment wavers, BlackRock continues to build its Bitcoin position.
The asset manager quietly added more than 700 BTC this week, worth close to $77 million, while also laying the groundwork for a new product aimed at yield-hungry investors.
Buying Into Volatility
The purchase, executed through Coinbase Prime in several large transfers, came during a period of uncertainty in the derivatives market. Roughly $17 billion in Bitcoin options are set to expire on Deribit, leaving traders cautious and pushing the put-to-call ratio toward bearish territory. Despite that backdrop, Bitcoin is still holding above $111,000, and BlackRock’s move stands out as a signal of confidence at a time when retail sentiment appears fragile.
A Clear Preference for BTC
Recent flows also highlight how the firm is prioritizing Bitcoin over Ethereum. In previous weeks, BlackRock trimmed ETH positions while boosting its BTC exposure, leading to hundreds of millions in net inflows for the top cryptocurrency. Ethereum, by contrast, has seen persistent outflows, and its staking ETF application remains under SEC review until late October.
Expanding Its ETF Suite
Alongside accumulation, BlackRock has filed for a new iShares Bitcoin Premium ETF. Unlike the flagship IBIT, which tracks spot prices, this fund would employ covered call strategies designed to generate income while offering Bitcoin exposure. Analysts have framed it as a follow-up to IBIT rather than a diversification into altcoins.
The strategy comes after IBIT shattered ETF growth records, surpassing $80 billion in assets under management in just over a year — a feat that took Vanguard’s S&P 500 ETF nearly five years to match.
Broader Ambitions
Beyond ETFs, BlackRock has hinted at tokenizing traditional assets such as equities, reflecting a push to bring conventional finance into blockchain ecosystems. At the same time, it continues to face regulatory hurdles, particularly around Ethereum-based products.
Conclusion
BlackRock’s latest purchase underscores how institutional players are willing to accumulate Bitcoin despite near-term volatility. With a new income-oriented ETF on the horizon and ongoing exploration of tokenization, the firm appears committed to expanding its role in digital assets — even as parts of the market brace for turbulence.
