Coinbase News: BlackRock Reinvests $25M in Bitcoin as BTC Surpasses $84,000 Threshold

In a significant move that underscores the ongoing convergence of traditional finance and the cryptocurrency sector, BlackRock has reinvested a substantial amount in Bitcoin. Here’s a closer look at the details of the transaction and its implications.

BlackRock Reinvests $25M In Bitcoin

The traditional financial industry and the crypto sector continue to intersect. BlackRock has reinvested $25 million in Bitcoin (BTC), marking its return to the BTC market after several weeks of outflows from Bitcoin ETFs. This transaction occurs as BTC surpasses the threshold of $84,000 again, following a period of corrections and increased volatility. The investment firm received the BTC from Coinbase Prime.

Coinbase Stock Decline Can’t Stop Highly Leveraged Long ETF Rollout

Leverage Shares by Themes has launched a new exchange-traded fund (ETF) tied to Coinbase (COIN) stock despite a downturn in crypto-related shares. The Leverage Shares 2X Long Coinbase Daily ETF (COIG) offers traders amplified exposure to the U.S.’s largest cryptocurrency exchange by delivering twice the daily return of Coinbase’s stock price. The ETF is listed on Nasdaq with an expense ratio of 0.75%. The launch comes amid a significant cryptocurrency market downturn, with Bitcoin (BTC) dropping by around 19% over the last three months, from over $105,000 to around $84,000. COIN shares performed even worse, losing nearly 42% of their value during the same period.