BlackRock, the asset management giant, has recently made headlines in the cryptocurrency space by owning over 1% of Bitcoin's total supply through its Spot Bitcoin ETF, a move that has sparked a wide range of reactions. While some sources claim that BlackRock directly owns this percentage of Bitcoin, others clarify that the firm holds IOUs to 1% of the supply on behalf of its clients, indicating that the actual owners are the IBIT holders. This development is part of a broader trend of increasing institutional interest in Bitcoin, with BlackRock's head of digital assets, Robert Mitchnick, noting during the Bitcoin Investor Day conference that Bitcoin is the primary focus for their clients, showing only a lukewarm demand for Ethereum by comparison. The firm decided to launch a Bitcoin ETF after observing consistent and enduring client interest in Bitcoin across various market conditions. This move by BlackRock underscores the growing importance of Bitcoin in the investment strategies of major financial institutions. Notably, IBIT holdings have reached 243K $BTC, highlighting the significant scale of BlackRock's investment in Bitcoin.