As a seasoned crypto investor with over a decade of experience under my belt, I find myself intrigued by BlackRock’s recent foray into altcoins. The fact that they are holding SPX, UBXS, and MOG is not just interesting but also potentially profitable.
Arkham Intelligence has identified three lesser-known cryptocurrencies, SPX6900 (SPX), UBXS Token (UBXS), and MOG ($0.0000), that are currently in BlackRock Inc’s (NYSE: BLK) portfolio. These altcoins have smaller market capitalizations compared to Bitcoin ($62,094) and Ethereum ($2,438). The 24-hour volatility for these tokens is 2.7% for MOG, $627.38 million in market cap, $21.35 million in volume, SPX with a 24h volatility of 0.0%, a market cap of $690.03 million, and $1.83 million in volume, while UBXS has a 24h volatility of 1.7%, a market cap of $51.29 million, and $1.02 million in volume.
BlackRock’s SPX, UBXS, and MOG Holding
The information from Arkham indicates that the investment firm owns about 83,220 SPX tokens. Right now, each SPX token is trading at $0.6082 and has increased by 15.94% over the past day. Consequently, BlackRock’s SPX holdings are estimated to be worth roughly $50,614. Currently, SPX holds a market capitalization of $566 million, placing it as the 208th largest cryptocurrency.
𝗕𝗹𝗮𝗰𝗸𝗥𝗼𝗰𝗸’𝘀 𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀
$22.91B BTC$984.45M ETH$89.54M USDC$41.02K SPX$31.1K UBXS$13.14K MOG
𝗕𝗹𝗮𝗰𝗸𝗥𝗼𝗰𝗸 𝗶𝘀 𝗯𝘂𝗹𝗹𝗶𝘀𝗵 𝗼𝗻 𝗰𝗿𝘆𝗽𝘁𝗼.
— Arkham (@ArkhamIntel) October 8, 2024
In a similar fashion, BlackRock owns approximately 330,895 units of the altcoin UBXS, with each token being worth around $0.09661. This means that BlackRock’s investment in UBXS is currently valued at about $31,964. The recent surge in trading volume by 22.24% indicates a growing curiosity among investors regarding this asset.
A small portion, approximately 0.99%, of the Unibright token’s (UBXS) total circulating supply is held by BlackRock. In other words, the majority of UBXS tokens are not owned by BlackRock.
BlackRock owns approximately 8.126 billion MOG tokens, which is one of the more affordable altcoins currently listed. Each token is valued at around $0.000001567, giving BlackRock’s holding a total worth of about $12,733. Despite a recent dip in market value, MOG has experienced a 7.78% increase over the past week.
These holdings reflect BlackRock’s positive sentiment toward cryptocurrencies and demonstrate its open-mindedness toward upcoming crypto projects. However, it remains unclear how it got these tokens and whether it plans to buy more.
BlackRock Spot Bitcoin and Ethereum Leads the Market
2024 has seen BlackRock expressing an inclination towards the crypto world by developing various investment products tied to digital assets. The introduction of the BlackRock iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust (ETHA) illustrates this shift. Additionally, at the start of this year, BlackRock unveiled a spot Bitcoin ETF, followed by its spot Ethereum ETF in July, alongside other asset managers.
These products have shown exceptional performance, outperforming their competitors by a substantial margin. In August, ETHA exceeded one billion dollars in net inflows, becoming the first U.S. spot Ethereum to achieve such a milestone. It’s worth mentioning that IBIT surpassed this threshold in just four days when it debuted in January. Given these facts, BlackRock suggests that the Ethereum ETF is not performing optimally.
At the Messari Mainnet Conference held in New York, Robert Mitchnick, BlackRock’s Head of Digital Assets, pointed out that Ethereum’s (ETHA) performance has been less impressive than IBIT. Nevertheless, he conceded Ethereum’s notable achievement in the context of ETFs as a whole. The proposal for a spot Ethereum ETF underscores a steady yet substantial growing interest among investors towards Ethereum. As a researcher studying this field, these insights provide valuable perspectives on the evolving landscape of digital assets and ETFs.
As a researcher, I’ve noticed that BlackRock’s interest in cryptocurrencies has served as a catalyst, encouraging other institutional investors to explore this rapidly growing market. The disclosure of their altcoin holdings might even spur a price surge for the listed tokens, as more investors jump on the bandwagon, increasing demand.
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2024-10-09 15:28