The world’s largest asset manager BlackRock has quickly become a major player in the cryptocurrency space after the U.S. Securities and Exchange Commission (SEC) approved the launch of various spot Bitcoin exchange-traded funds back in January, to the point it now holds over 500,000 BTC.

According to data from the firm’s website its spot Bitcoin ETF, the iShares Bitcoin Trust ETF (IBIT) now holds a total of 500,380.09 BTC with a market value above the $48 billion mark, making it one of the largest holders of the cryptocurrency.

The rapid accumulation, amounting to 2.38% of all Bitcoin ever to be created in just under a year, reflects a significant shift in BlackRock’s stance on the digital asset. CEO Larry Fink, once a vocal critic, now views Bitcoin as an “independent asset class” with transformative potential.

It’s worth noting that BlackRock’s IBIT doesn’t hold BTC for the firm directly, but rather for investors leveraging its fund to gain exposure to the flagship cryptocurrency. Some of these investors include clients of Wall Street giants, including Goldman Sachs.

As CryptoGlobe reported the largest corporate holder of Bitcoin, MicroStrategy, has recently announced it acquired an additional 15,400 Bitcoin for $1.5 billion, at an average price of $95,976 per coin, which helped its total BTC balance surpass 402,100 coins.

According to a post shared on the microblogging platform X (formerly known as Twitter) by the company’s co-founder and chairman, Michael Saylo, MicroStrategy has achieved a BTC Yield of 38.7% so far this year, and 63.3% year-to-date and now holds 402,100 BTC that were acquired for $23.4 billion.

The company has acquired its BTC at an average of $58,263 per coin and its entire BTC stash is now worth $37.4 billion.

The move comes at a time in which Bitcoin whales have been taking advantage of the flagship cryptocurrency’s recent price dip to keep on accumulating BTC after short-term holders moved nearly $4 billion in the cryptocurrency to exchanges.

According to CryptoQuant analyst Cauê Oliveira, Bitcoin whales took advantage of the “panic selling” to accumulate, with 16,000 BTC worth nearly $1.5 billion entered whale reserves in a single day after short-term holders’ sales.

In a post, the analyst noted that the figure was “reflected in institutional addresses on the network” but suggested more BTC was accumulated, as the funds that weren’t withdrawn from cryptocurrency exchanges and remain in users’ accounts aren’t counted.

Per his words, the whale accumulation hasn’t been sufficient to demonstrate a “more widespread buy-the-dip” pattern,” which he said remains concentrated among institutional investors.