In the continually evolving world of finance, traditional asset management behemoth, BlackRock, makes its way into the Bitcoin narrative, albeit indirectly.

On x.com, the buzz emerged when Crypto Rover posted: “BlackRock owns 8.1% of MicroStrategy; therefore, BlackRock is indirectly investing in #Bitcoin. 8.1% of MicroStrategy is equivalent to 12,833 Bitcoin.”

For context, BlackRock isn’t just any player in the financial sphere. Boasting a portfolio of $10 trillion, it’s the world’s premier asset manager. Interestingly, their original connection to Bitcoin comes through their stake in MicroStrategy, a business intelligence firm known recently for its aggressive Bitcoin acquisition.

As of June 30, 2023, reports highlighted that BlackRock owned 6.71 million shares of MicroStrategy. This puts BlackRock’s indirect Bitcoin possession at 12,224 BTC, an amount that’s worth approximately $570 million by today’s valuation.

The significant figures and strategic moves by titans like BlackRock and MicroStrategy underline the growing institutional acceptance of Bitcoin, even if by proxy. What’s certain is the increasing intertwining of mainstream finance and cryptocurrency.

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