$436M. One position & it's only $IBIT.
When I look at this, I don’t see “random fund.” I see intent.
You don’t set up an offshore Ltd, file properly, and drop almost half a billion into a single ETF just to poke around. That’s a deliberate allocation.
If capital can’t touch Bitcoin directly, it will use the cleanest pipe available. RN that pipe is BlackRock’s ETF.
Everyone’s debating short-term price action. We should be watching who’s quietly building size through regulated pipes. That’s where the real story is.