BlackRock, the world's largest investment firm, has transferred over $500 million worth of Bitcoin and Ethereum to Coinbase Prime amid ETF redemption pressures. The transfer includes 5,847 bitcoins, valued at approximately $449.5 million, and 26,269 ether, worth about $55.4 million. This move is linked to the operational mechanics of spot ETFs, providing liquidity for authorized participants during creation and redemption periods.
The transfer comes as BlackRock's iShares Bitcoin Trust (IBIT) experienced its largest single-day redemptions of the year on May 18, with net outflows from U.S. spot Bitcoin ETFs exceeding $648 million. Despite these outflows, BlackRock's Bitcoin holdings increased by over 8,000 BTC in May, highlighting ongoing strategic adjustments in its cryptocurrency portfolio.
BlackRock Transfers $500 Million in Bitcoin and Ethereum to Coinbase Prime
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.