BlackRock has made a significant shift in its Bitcoin strategy, purchasing $81 million worth of BTC on Coinbase Prime as the cryptocurrency market reacts to recent sell-offs. This acquisition comes after a period of considerable outflows from the iShares Bitcoin Trust (IBIT), which had faced more than $772 million in net outflows since April 2026.
Prior to this morning, retail investors were seen dumping shares in BlackRock's Bitcoin ETF, driving prices downwards. The situation shifted dramatically following the release of a report from Michael Saylor's Strategy, which indicated a sale of nearly $216 million in Bitcoin for dividend payments. Following this announcement, Bitcoin's price dipped below key support at $62,641.
Institutional Demand Surges
As retail panic ensued, BlackRock seized the opportunity to absorb the sell-off volume. The fund executed a series of precise transactions, acquiring 300 Bitcoin in each of several trades, ultimately culminating in the purchase of a large block of 1,000 coins. This aggressive buying strategy was executed swiftly, totaling over $80 million and helping to stabilize Bitcoin's price.
Before this latest purchase, Bitcoin had fallen to a local bottom near $59,000, with BlackRock controlling approximately 3.5% of the cryptocurrency's total global supply. Despite the negative pressure in the market, BlackRock's actions demonstrate a renewed institutional interest in Bitcoin amidst fluctuating sentiments.
Bitcoin Pricing Context
The recent decline in Bitcoin's value highlighted the challenges faced by institutional funds like IBIT, which subsequently saw its net assets drop to $44 billion. The fund's performance has been closely tied to broader market trends, including retail investor behavior and macroeconomic developments.
In addition to acquiring Bitcoin, BlackRock also added 7,500 Ethereum to its portfolio, further diversifying its position in the cryptocurrency market.
