Blackrock Buys 11,439 BTC Worth IDR 7.7 Trillion For Its Bitcoin Spot ETF Product, IBIT

BlackRock is recorded to be holding around 11,439 Bitcoins. (Photo; Doc. BitcoinWell)

JAKARTA The world's leading investment company, BlackRock, which also received approval from the SEC regarding its Spot Bitcoin ETF proposal some time ago made a brilliant record. BlackRock is known to have acquired 11,439 bitcoins worth nearly 500 million US dollars (approximately IDR 7.7 trillion).

This success marks IBIT as one of the 11 Bitcoin spot ETFs that recently received approval from the United States Securities and Exchange Commission (SEC).

On January 12, IBIT was recorded to hold 11,439,2198 bitcoins with a market value of 497,994,992.41 US dollars (around Rp7.7 quadrillion), making this cryptocurrency 99.99% of total trusted assets. Blackrock stated that the figures displayed for'shares' represent the total number of bitcoins owned by the trust.

A crypto analyst, Martyparty, revealed through social media that earlier on January 11, IBIT had a composition of 50% bitcoin and 50% cash.

However, unlike other Bitcoin spot ETFs holding 100% bitcoin, Blackrock appears to have made a purchase strategy at the time of price drop. This indicates a dynamic change in asset management strategy by the ETF fund manager.

The price of Bitcoin had jumped to 49,000 US dollars (approximately IDR 761.607,000) on the first day of ETF trading, but decreased below 42,000 US dollars (approximately IDR 652.926.000) the following day. Currently, Bitcoin is trading in the range of IDR 663 million per coin.