On June 17, BlackRock’s iShares Bitcoin Trust ETF ( IBIT ) recorded $639 million in inflows, having added 6,088 Bitcoin ( BTC ) to its holdings. Since its inception in January 2024, IBIT’s cumulative inflows have amounted to over $50.67 billion. With roughly 670,295 BTC under management, the fund now commands roughly 54% of the total U.S. Bitcoin ETF market, currently valued at $131 billion, according to CoinMarketCap. BlackRock BTC balance history. Source: Arkham Intelligence BlackRock continues to dominate Continuing its week-long buying streak, IBIT outperformed every other U.S.-listed spot Bitcoin ETF. Its major competitors, like Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB), for instance, all saw major net outflows on the same day. https://twitter.com/arkham/status/1935454255835455516 BlackRock isn’t the only one buying, though. Strategy (formerly Microstrategy), for example, recently disclosed a $1,05 billion Bitcoin purchase , reaffirming its role as the largest corporate holder of BTC. https://twitter.com/saylor/status/1934582626448236794 In this light, BlackRock’s aggressive moves simply underscore the fact that institutional adoption of Bitcoin is gaining full steam. What’s more, its tokenized U.S. Treasury fund, BUIDL, is now valid as collateral on Crypto.com and Deribit, which further highlights the ongoing interplay between traditional finance (TradFi) and crypto . Featured image via Shutterstock The post BlackRock buys $640 million worth of Bitcoin appeared first on Finbold .