AllPennyStocks.com BlackRock Sees Continued Strength In Bitcoin
This section contains press releases and other materials from third parties (including paid content). AllPennyStocks.com has not reviewed this content. Please see our disclaimer.

BlackRock Sees Continued Strength In Bitcoin

Asset manager BlackRock (NYSE: $BLK) sees continued strength in Bitcoin (CRYPTO: $BTC) now that its price has broken out of its previous trading range. 

Robbie Mitchnick, BlackRock’s head of digital assets, sees a bullish macroeconomic outlook for Bitcoin along with growing conviction among investors.

BlackRock runs the largest spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (NASDAQ: $IBIT). 

Mitchnick says that trading volumes in the company’s spot Bitcoin ETF hit a record over the past week as the share price tracked BTC’s 23% gain and move up to $80,000 U.S.

“Debt and deficit levels are a major concern for markets,” said Mitchnick in a media interview, adding that those concerns are benefitting “assets like Bitcoin.”

Mitchnick also noted that equities have started to lag behind Bitcoin with the bond market choppy. 

BlackRock is well-positioned to benefit from the current rise in Bitcoin’s price as its spot BTC ETF has $63 billion U.S. of investor capital.

Mitchnick said that the record trading volumes, coupled with strong inflows, highlight strong conviction among both institutional and individual investors rather than short-term speculation. 

IBIT’s share price surged 22.59% to $43.68 U.S. last week, its best performance since February 2024, with net inflows of $1.33 billion U.S. 

The IBIT fund was trading at $44.46 U.S. on Aug. 27.

Other Penny Stock Movers

$500 Million AI Merger Sends This Microcap Soaring
Historic Gold Ground Gets a Fresh Drill Test
Washington Is Financing Critical-Mineral Projects. What Will Canada Do?
Most Popular
{{ index + 1 }}
AllPennyStocks.com Favorites


Back to Top