BlackRock just acquired $276.16 million worth of Ethereum

BlackRock made a major move by purchasing $276.16 million worth of Ethereum on Feb.4.

The asset management giant BlackRock acquired approximately $276.16 million worth of Ethereum (ETH) on Feb. 4, as reported by Crypto Rover on X. 

This acquisition is part of BlackRock’s continued expansion of its Ethereum holdings in recent weeks. On Jan. 31, the firm purchased 24,529 ETH worth $83.24 million, followed by another 17,261 ETH worth $56.65 million on Feb. 1, bringing its total two-day acquisition to 41,790 ETH worth $128.3 million.

These purchases follow a massive $500 million Ethereum purchase made by BlackRock and Fidelity over the course of 48 hours on Dec. 12 through Coinbase Prime.

BlackRock’s involvement with Ethereum kicked off after it filed with the SEC for a spot Ethereum ETF in November last year, as reported by the Block. BlackRock CEO Larry Fink has expressed confidence in Ethereum’s potential, viewing it not as a currency but as a valuable blockchain asset.

ETH’s price hasn’t shown a significant reaction to this development. As of Feb. 5, it is trading at approximately $2800, reflecting only a 1% change from the previous day.