BlackRock sells, Strategy buys: the latest bitcoin whale moves
- BlackRock sold about $430m of bitcoin; Strategy bought $75m.
- Outflows from BTC ETFs continued for a third straight day; inflows to ETH ETFs rose for an 11th day in a row.
- Strategy announced a 2.5m Series A preferred share issue to aggressively build its bitcoin reserves.
Asset manager BlackRock, issuer of the BTC ETF under the IBIT ticker, cut its bitcoin position by roughly $430m. The sale was partly offset by Strategy’s purchase of 705 BTC (~$75m), according to Arkham Intelligence.
BlackRock SOLD $430M of BTC today.
BUT SAYLOR IS BUYING
BlackRock IBIT total holdings: $68.92B
Saylor total holdings: $60.59B pic.twitter.com/uny6zh5pNU— Arkham (@arkham) June 2, 2025
Analysts noted that BlackRock holds coins worth $68.9bn, while Michael Saylor’s corporation holds $60.59bn.
Before the Arkham Intelligence-flagged transaction, IBIT had recorded net inflows for 34 consecutive days.
BTC ETFs
On 2 June, net outflows from BTC ETFs continued for a third day and amounted to $267.5m.
Total inflows fell to $44.1bn. AUM declined to $125.47bn.
ETH ETFs
On 2 June, net inflows into spot ETH ETFs were recorded at $78.17m. The positive streak extended to 11 consecutive days.
Cumulative inflows rose to $3.12bn. AUM stood at $9.37bn.
Strategy
On 2 June, Strategy announced a 2.5m Series A preferred share issue with a non‑cumulative dividend yield of 10% per annum. Proceeds will be used to buy bitcoin.
The securities will be called Stride (STRD).
Previous preferred issues were named Strike (STRK) and Strife (STRF). The first (STRF) carry a 13% annual dividend; the second, 10%.
Strategy reserved the right to redeem all STRD at any time for cash if the total number of outstanding shares falls below 25% of the aggregate number issued across all offerings of that series.
The company also cited “certain tax events” as such a condition.
Following the latest purchase of digital gold, the year‑to‑date return on coins held on the balance sheet was 16.9% versus a 25% target.
Jess Myers of Moon forecast an increase in the share of bitcoin on public organisations’ balance sheets to 50% by 2045.
According to Bitwise, by the end of 2026 institutional holdings of the first cryptocurrency, including by governments and corporations, will reach 20% of total supply (~4.2m BTC).
Bernstein predicted that companies’ bitcoin reserves would reach $330bn by 2029.
User Lowstrife warned that such scaling of Strategy’s digital‑gold purchases could ultimately lead to “the destruction” of the entire construct.
Earlier, Arkham specialists tracked 87% of Strategy’s bitcoins.
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