- BlackRock bought $231.2 million worth of ETH.
- They did so by adding 53,891.18 Ethereum to its ETH holding.
- The entity continues to scoop more ETH during market dips.
The crypto accumulation race shows no signs of slowing down despite market prices dipping. Most recently, BlackRock bought $231.2 million worth of ETH by adding 53.893.18 ETH to its holdings. This comes as no surprise to many, as BlackRock has been a strong leader in both Bitcoin (BTC) and Ethereum (ETH) accumulations this bull cycle and has shown no signs of slowing down.
BlackRock Bought $231.2 Million Worth of ETH
Crypto accumulation on an institutional level only began this bull cycle. Last bull cycle, BTC accumulation outside retail began when El Salvador announced that it was making Bitcoin (BTC) a legal tender within its borders. The country, under the leadership of its visionary President, Nayib Bukele, went on to accumulate Bitcoin (BTC) aggressively and even launched a wallet to encourage its citizens to hold BTC.
El Salvador then went on to ethically and efficiently mine BTC with the geothermal power of its volcanoes. It then took all the profits of its BTC holdings during the bear market to improve the lives of its citizens and the condition of its cities. Now, in the new bull cycle, El Salvador, still under Bukele’s leadership, continues to accumulate more BTC, despite the IMF’s attempts to deter them.
This incredible resolve inspired Michael Saylor, who then changed the strategy and went on to integrate his company, Strategy, as a crucial entity in the legend of the Bitcoin legacy. Thus, Strategy, under Michael Saylor’s leadership, went on to become a billion-dollar BTC treasury without having to spend any resources of its own, with the promise of holding Bitcoin (BTC) forever.
To this day, Saylor happens to be one of the greatest BTC advocates in the world, who’s success story inspires financial institutions who entered the BTC accumulation race this bull cycle, spurred by the launch and success of BTC and ETH ETFs. Thus, another great accumulation race began, this time for Ethereum (ETH), with entities like Bitmine Immersion and BlackRock at the lead.
Adds 53,893.18 Ethereum to Its Holdings
As we can see from the post above, BlackRock just bought another 53,893.18 ETH worth $231,200,000, spurring bullish altseason sentiment and once again showcasing that the entity is accumulating ETH to meet growing ETF ETF demand, despite fluctuating prices. Just 10 days ago, BlackRock bought $12 billion worth of ETH during the price dip following BTC’s latest ATH price, showing that the entity will likely buy more ETH every dip before ETH enters price discovery.
