BlackRock has acquired $276.16 million worth of Ethereum, marking a significant investment in the cryptocurrency

BlackRock, the global investment management giant, made a notable move on February 4 by acquiring $276.16 million worth of Ethereum (ETH). This acquisition is part of the firm’s ongoing strategy to increase its exposure to Ethereum, following a series of large ETH purchases in recent weeks.

Just days before, on January 31 and February 1, BlackRock bought 24,529 ETH for $83.24 million and another 17,261 ETH for $56.65 million, respectively. These purchases brought its total acquisition of Ethereum over the two days to 41,790 ETH, amounting to $128.3 million.

This follows an even larger purchase in December 2024, where BlackRock and its partner Fidelity bought $500 million worth of Ethereum through Coinbase Prime over a 48-hour period.

BlackRock’s commitment to Ethereum has been growing since it filed with the U.S. Securities and Exchange Commission (SEC) in November 2024 for a spot Ethereum Exchange-Traded Fund (ETF). Larry Fink, BlackRock’s CEO, has expressed a positive view of Ethereum, not as a currency but as a significant blockchain asset with long-term potential.

Despite these major purchases, Ethereum’s price has remained relatively stable, with only a slight 1% increase, trading at around $2800 as of February 5. This suggests that while institutional interest is surging, the market has not yet reacted strongly to these large-scale acquisitions. BlackRock’s ongoing investments in Ethereum are likely to continue shaping the future of institutional involvement in the cryptocurrency space.