Institutional and corporate players are now paying more attention to Bitcoin.
Despite recently experiencing a dip, Bitcoin BTC $94 097 24h volatility: 1.4% Market cap: $1.87 T Vol. 24h: $27.98 B has continued to draw interest from major institutions like BlackRock and MARA Holdings. The latest reports show that, between December 5 and 6, the giants BlackRock, MARA Holdings, alongside a yet-to-be-identified whale, collectively bought nearly 10,000 Bitcoin, taking advantage of the price fall to $92,957.
BlackRock and MARA Lead the Bitcoin Accumulation Frenzy
BlackRock, the world’s largest asset manager, made the most notable BTC purchase after scooping up 7,750 Bitcoin. This means that its total Bitcoin holdings now stand at $48.9 billion at current prices, per Arkham Intelligence data.
Interestingly, BlackRock’s latest purchase comes at a time when shares of its spot Bitcoin exchange-traded fund (ETF) are also seeing increased demand. This surging interest in regulated ETFs goes to show that crypto may have found a place to stay, having gained mainstream recognition and acceptance.
According to Thomas Fahrer, the founder of crypto markets firm Apollo, BlackRock’s Bitcoin ETF is undoubtedly the “fastest-growing ETF ever.”
MARA Holdings, on the other hand, secured 1,423 Bitcoin over four separate transactions. That is, between December 5 and 6. The Bitcoin mining firm spent $139.5 million in the process following the closure of MARA’s $850 million convertible note offering. As the company had earlier stated, the funds realized from the sale have been earmarked for Bitcoin accumulation.
For now, MARA’s Bitcoin reserves stand at 22,108 Bitcoin and are worth around $2.17 billion. However, considering how it has seen a remarkable 162% increase in its holdings compared to last month, it is clear that the firm may have adopted an aggressive treasury strategy, which is obviously inspired by MicroStrategy.
Whales and Other Players Join Buying Trend
Like BlackRock and MARA, an unknown whale has also seized the opportunity of BTC price dip to acquire 600 more Bitcoin. Going by current prices, the move may have cost the account nearly $58.9 million.
However, unlike BlackRock and the rest, blockchain data reveals that this account only recently began accumulating Bitcoin. That is, as its first transaction reportedly took place on November 24.
Other firms that have taken Bitcoin as a treasury strategy include healthcare tech firm Semler Scientific. Semler also increased its Bitcoin holdings to 1,873. That is after purchasing 303 Bitcoin on December 4.
Without a doubt, institutional and corporate players are now paying more attention to Bitcoin. They collectively hold 527,026 Bitcoin, which represents 2.66% of Bitcoin’s total supply.
At the time of writing, Bitcoin was trading at $97,821, down 4.83% over the past 24 hours.
next