BlackRock potentially ranks as the third-largest Bitcoin holder Globally
A mysterious Bitcoin address has accumulated more than 110,000 BTC

Bitcoin data shows that a Bitcoin address is the third-largest holder in the world, accruing more than 118,300 BTC worth more than $5 billion today.
There is a theory that has emerged within the cryptocurrency landscape blaming BlackRock, a notable entity. As the largest global investment manager, the possibility of BlackRock spearheading this monumental Bitcoin accumulation sends ripples of speculation through the industry.
There are Blockchain analysts who have reported that the bitcoin transfers to the address are coming from Gemini and noted that the first major transaction occurred exactly one month after BlackRock filed for its spot bitcoin exchange-traded fund (ETF), causing speculation that BlackRock is behind this rapid accumulation.
As an OTC trading platform for Bitcoin, Gemini would most likely send BTC to a wallet address to fulfill major purchases. However, it is unusual for $3 billion worth of Bitcoin to be moved from their cold wallet to a new ho wallet without any reason. One theory is that someone was buying Bitcoin, and Gemini gradually transferred it to this new address.
The protagonist of this story is BlackRock, which is pursuing the ambitious goal of creating a spot Bitcoin ETF, which requires large ownership of the underlying asset. A substantial Bitcoin treasury must be safely held by the company to comply with regulatory requirements.
Many ETF issuers have tried. Invesco, Valkyrie, and ARK are among the ETF players that have filed to launch spot bitcoin ETFs, but all got rejected by the SEC.
But everything changed when BlackRock, the world's largest asset manager, filed to launch its own Bitcoin ETF. Over the years, there have been more than 30 different Bitcoin ETF filings, and none of them have been approved.
The reason for bitcoin ETF rejections has always been the same. The SEC does not like the unregulated nature of the crypto space and claims it's rife with the potential for fraud. Their position isn't entirely unwarranted since there have been hacking incidents and many other fraudulent activities, but there's been no evidence that existing Bitcoin exchange-traded products have had problems.