The post BlackRock’s $70B Bitcoin Bet: Bullish Signal or Silent Takeover? appeared first on Coinpedia Fintech News BlackRock now holds over $70 billion worth of Bitcoin through its ETF products, sparking a heated debate within the crypto community. While major headlines call it bullish for Bitcoin, critics are calling it something else entirely — a silent Wall Street takeover . A viral thread by crypto user Leshka.eth on X breaks down how BlackRock’s rising influence may strip Bitcoin of its original purpose: decentralization and financial freedom . BlackRock now holds over $70B in Bitcoin ETFs If you think BlackRock is bullish for crypto – It’s not They want control it Leaked iShares files reveal plans to censor and manipulate Bitcoin from the inside. Here’s what they don’t want you to know pic.twitter.com/RPSzRdyOHG — Leshka.eth (@leshka_eth) June 4, 2025 BlackRock Dominates the Bitcoin ETF Market Recent data shows that the 12 spot Bitcoin ETFs now collectively hold over 1.2 million BTC . Out of this, BlackRock’s iShares Bitcoin Trust (IBIT) alone controls at least 660,137 BTC — over half the ETF market. That makes IBIT the largest crypto ETF by Bitcoin holdings, contributing significantly to BlackRock’s total $70 billion BTC exposure . But not everyone is celebrating this as a win. ETF Bitcoin Isn’t Real Bitcoin, Critics Say One of the biggest concerns? ETF holders don’t actually own Bitcoin . All ETF Bitcoin is held in Coinbase Custody , meaning investors do not control the private keys , nor can they transfer, spend, or verify the Bitcoin independently. Leshka.eth explains this distinction clearly — Bitcoin is now splitting into two paths : Sovereign BTC : Held directly by individuals with full control ETF BTC : Held by institutions, locked in centralized custody While Bitcoin ETFs make it easier for traditional investors to gain exposure, they remove user control , undermining Bitcoin’s core principles. Can BlackRock Shape Bitcoin’s Future? According to BlackRock’s own iShares Bitcoin Trust filing, the firm can decide which chain to support during a fork . This power could allow them to dictate which version of Bitcoin survives. In addition, ETF giants like BlackRock could push for: OFAC-compliant transactions Miner pressure to follow government-friendly policies Centralized narratives around Bitcoin use and utility This raises concerns that Bitcoin’s future could be shaped by politics and finance , rather than code and consensus. The Real Risk: Bitcoin Becoming Digital Gold 2.0 Leshka.eth draws a parallel to how Wall Street tamed gold. He believes the same could happen to Bitcoin — turning it into a passive, price-driven asset , stripped of purpose and utility. To prevent this, he urges holders to embrace self-custody — not ETFs. “Wall Street wants Bitcoin’s brand and price, not its principles,” he warns. “Hold your private keys. Stay sovereign.”
