Bitcoin News: BlackRock’s Spot BTC ETF Purchase Sparks Market Rally

Recent developments in the cryptocurrency market have been noteworthy, particularly with the involvement of major financial institutions. BlackRock’s spot Bitcoin ETF, IBIT, made a significant purchase that not only impacted Bitcoin’s price but also rallied the entire market. Here’s a closer look at what transpired and its potential implications.

BlackRock’s Spot BTC ETF Buys $107 Million Worth BTC, Cryptocurrency Market Recovery

BlackRock’s spot Bitcoin (BTC) ETF, IBIT, purchased $107.9 million worth of BTC on Mar. 26, which may have been the reason for BTC briefly reclaiming the $88,000 level. The purchase triggered a brief market-wide rally. Other bullish developments, such as the SEC dropping its litigation against Ripple and announcing four more crypto round tables, may have also aided the market rally. Additionally, the Fed pausing interest rates after its recent meeting could have helped investors’ sentiment.

Bitcoin Holds Steady Above $86K

Bitcoin has shown signs of stabilization above the $86,000 mark after reclaiming the level earlier this week. This recovery marks a shift in short-term sentiment after several weeks of price turbulence. While the asset remains down approximately 20.2% from its all-time high set in January, the current rebound suggests a pause in downward pressure and a potential reassessment among market participants. Despite the recent uptick, traders and analysts remain cautious. Market behavior has been mixed, with on-chain metrics and trading activity offering differing signals. CryptoQuant contributor Nino recently provided a breakdown of the Coinbase Premium Index, pointing to changing sentiment in the US market.

The Blockchain Group Adds 580 BTC to Bitcoin Treasury

French tech firm The Blockchain Group has bolstered its Bitcoin holdings with the purchase of 580 BTC, marking its largest acquisition to date. The announcement came in a March 26 after-hours statement, revealing that the latest buy brings the company’s Bitcoin treasury to new heights, with the purchase valued at approximately $50.64 million based on current prices. The move follows a sharp 225% rise in The Blockchain Group’s stock (ALTBG) since it began accumulating Bitcoin in November 2024.

GameStop Proposes to Raise $1.3B in Convertible Debt for Bitcoin Purchases

GameStop has announced plans to offer $1.3 billion in convertible notes with a 0% coupon, in a move to purchase Bitcoin using net proceeds. The announcement arrives simultaneously with the video game retailer’s approval of adding Bitcoin to its treasury reserves. GameStop said that the $1.3 billion of convertible senior notes will have a five-year maturity until April 1, 2030, and would grant initial purchasers up to an additional $200 million aggregate principal of notes. GameStop added that it would use the net proceeds from the offering for general corporate purposes, including Bitcoin purchases consistent with GameStop’s Investment Policy.

North Carolina Pushes for Crypto Exposure in Public Pension Funds

Lawmakers in North Carolina are advancing legislation that could allow the state to allocate a portion of its public retirement funds into digital assets, including cryptocurrencies. Two identical bills, House Bill 506 and Senate Bill 709, propose the creation of the North Carolina Investment Authority, tasked with evaluating and managing investments in digital assets. The Investment Modernization Act outlines a framework under which the authority could invest up to 5% of various state funds into cryptocurrencies and other blockchain-based assets, such as stablecoins.