BlackRock's iShares Bitcoin Trust Records $1.29 Billion Trade
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Source: stocktwits
- Record Trade Size: BlackRock's iShares Bitcoin Trust executed a $1.29 billion dark pool block trade on Tuesday, marking one of the largest Bitcoin exchange-traded fund transactions ever recorded, indicating strong institutional interest in Bitcoin.
- Positive Market Reaction: Despite the massive size of the trade, analyst Eric Balchunas noted that the market “absorbed it well,” suggesting robust demand for Bitcoin ETFs that could influence future market dynamics.
- Industry Criticism: Longtime crypto industry figures express concerns over the impact of Bitcoin ETFs, with Crucible Capital founder Meltem Demirors arguing that asset managers' influence may undermine Bitcoin's real-world utility, transforming it into a traditional financial asset.
- Market Sentiment Analysis: Following the trade, Bitcoin's price remained flat during pre-market trading on Wednesday, while retail sentiment on Stocktwits stayed in the 'bearish' zone, reflecting cautious attitudes towards Bitcoin's future trajectory.
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Analyst Views on GLXY
Wall Street analysts forecast GLXY stock price to rise
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 30.130
Low
24.00
Averages
43.89
High
60.00
Current: 30.130
Low
24.00
Averages
43.89
High
60.00
About GLXY
Galaxy Digital Inc. is engaged in the business of digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence (AI). The Company's digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, it develops and operates data center infrastructure to power AI and high-performance computing workloads. The Company's segments include Digital Assets, Data Centers, and Treasury and Corporate. Its Digital Assets operating business segment provides new products and capabilities such as staking, margin-based financing and active exchange-traded funds. The Data Centers segment comprises the Helios infrastructure assets. The Company's Data Centers segment develops and operates High Performance Computing (HPC) infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Economic Data Impact: The April core PCE price index rose 3.3% year-on-year, meeting expectations, but the unexpected 1.1% decline in April capital goods new orders signals potential economic slowdown, which may heighten investor concerns about future growth.
- Rising Unemployment Claims: Initial jobless claims in the US increased by 5,000 to 215,000, exceeding expectations of 211,000, reflecting a weakening labor market that could prompt the Fed to adopt a more cautious stance in future policy decisions.
- Earnings Season Insights: As of now, 83% of the 479 S&P 500 companies that reported earnings exceeded expectations, with Q1 earnings projected to rise 12% year-on-year; however, excluding the tech sector, growth is only expected at 3%, highlighting a divergence in overall profitability.
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- Record Trade Size: BlackRock's iShares Bitcoin Trust executed a $1.29 billion dark pool block trade on Tuesday, marking one of the largest Bitcoin exchange-traded fund transactions ever recorded, indicating strong institutional interest in Bitcoin.
- Positive Market Reaction: Despite the massive size of the trade, analyst Eric Balchunas noted that the market “absorbed it well,” suggesting robust demand for Bitcoin ETFs that could influence future market dynamics.
- Industry Criticism: Longtime crypto industry figures express concerns over the impact of Bitcoin ETFs, with Crucible Capital founder Meltem Demirors arguing that asset managers' influence may undermine Bitcoin's real-world utility, transforming it into a traditional financial asset.
- Market Sentiment Analysis: Following the trade, Bitcoin's price remained flat during pre-market trading on Wednesday, while retail sentiment on Stocktwits stayed in the 'bearish' zone, reflecting cautious attitudes towards Bitcoin's future trajectory.
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- Economic Data Impact: The April core PCE price index rose 3.3% year-on-year, meeting expectations, but the unexpected 1.1% decline in April capital goods new orders signals potential economic slowdown, which may heighten investor concerns about future growth.
- Rising Unemployment Claims: Initial jobless claims in the US increased by 5,000 to 215,000, exceeding expectations of 211,000, reflecting a weakening labor market that could prompt the Fed to adopt a more cautious stance in future policy decisions.
- Earnings Season Insights: As of now, 83% of the 479 S&P 500 companies that reported earnings exceeded expectations, with Q1 earnings projected to rise 12% year-on-year; however, excluding the tech sector, growth is only expected at 3%, highlighting a divergence in overall profitability.
See More
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- Record Trade Size: BlackRock's iShares Bitcoin Trust executed a $1.29 billion dark pool block trade on Tuesday, marking one of the largest Bitcoin exchange-traded fund transactions ever recorded, indicating strong institutional interest in Bitcoin.
- Positive Market Reaction: Despite the massive size of the trade, analyst Eric Balchunas noted that the market “absorbed it well,” suggesting robust demand for Bitcoin ETFs that could influence future market dynamics.
- Industry Criticism: Longtime crypto industry figures express concerns over the impact of Bitcoin ETFs, with Crucible Capital founder Meltem Demirors arguing that asset managers' influence may undermine Bitcoin's real-world utility, transforming it into a traditional financial asset.
- Market Sentiment Analysis: Following the trade, Bitcoin's price remained flat during pre-market trading on Wednesday, while retail sentiment on Stocktwits stayed in the 'bearish' zone, reflecting cautious attitudes towards Bitcoin's future trajectory.
See More
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- Data Center Acquisition: TeraWulf's acquisition of the 1 GW 'Muskie Data Campus' in Kentucky led to a more than 12% surge in its stock on Tuesday, marking a significant strategic shift towards high-performance computing (HPC).
- Future Capacity Plans: The campus is expected to support 500 MW of power by the second half of 2028, with an additional 500 MW planned for 2030, indicating the company's proactive positioning in response to future AI market demands.
- Infrastructure Advantage: CEO Paul Prager highlighted that power infrastructure and transmission access are the biggest constraints in the AI market, and the project's dedicated 345 kV substation will connect to the existing 765 kV transmission network, ensuring a faster path to power than competing projects.
- Positive Market Reaction: TeraWulf's stock reached $25 in early morning trading, with retail investor sentiment shifting from neutral to bullish, reflecting market confidence in the management's execution capabilities.
See More
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- New Additions: FTSE Russell's preliminary list reveals that financial firms including Galaxy Digital, BRC Group Holdings, Gemini Space Station, Chime Financial, and REalloys will join the Russell 3000 Index after June 26, which is expected to enhance their market visibility and liquidity.
- Removals: Conversely, companies such as eHealth, SelectQuote, GoHealth, Lument Finance Trust, and Rithm Property Trust will be removed from the Russell 3000 Index, potentially putting downward pressure on their stock prices and affecting investor confidence.
- Market Reaction Expectations: The inclusion of financial firms in the Russell 3000 Index typically attracts more institutional investor interest, which could drive up their stock prices, especially if the overall sentiment towards financial stocks is positive.
- Industry Dynamics Analysis: Galaxy Digital's identity crisis and the controversy surrounding its BitGo deal may impact its performance in the new index, while other newcomers like BRC Group Holdings and Gemini Space Station could leverage this opportunity to strengthen their market positions.
See More
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- New Additions: SharpLink Gaming and BitMine Immersion Technologies have been added to the Russell 3000 Index in the 2026 reconstitution, marking a significant recognition for these Ethereum-centric companies in the cryptocurrency sector.
- Weak Financial Performance: SharpLink Gaming reported a Q1 2026 loss per share of $3.25, significantly worse than the expected loss of $0.62, with revenue of $12.06 million falling short of the $14.6 million estimate, indicating a fragile financial condition.
- Optimistic Outlook for BitMine: Despite reporting a Q2 2026 loss per share of $0.08 and quarterly revenue of $11.04 million, analysts expect BitMine's earnings to increase by 48.28% next year, reflecting optimism around its mining and Ethereum treasury strategies.
- Muted Market Sentiment: Amidst a generally weak cryptocurrency market, Ethereum's price has dropped over 4% in the last 24 hours, while retail sentiment around ETH remains in the 'bearish' zone, indicating cautious investor attitudes towards future performance.
See More
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- Legal Dispute Escalation: Billionaire Michael Novogratz appeared in court to contest BitGo CEO Mike Belshe's claim that Galaxy Digital owes BitGo at least $100 million for withdrawing from a $1.2 billion transaction, highlighting the complexities and risks of mergers in the crypto industry.
- Transaction Breakdown Reasons: The proposed merger in 2021 was the largest in the crypto sector but fell apart due to a market crash, with BitGo alleging Galaxy did not make sufficient efforts to complete the deal, while Novogratz countered that BitGo failed to provide necessary financial statements on time.
- Regulatory Challenges: Novogratz stated that Galaxy proposed a merger in Canada to sidestep SEC regulations, but both companies eventually recognized the unlikelihood of obtaining SEC approval, reflecting the regulatory hurdles faced by the crypto industry.
- Market Reaction: In Thursday trading, Galaxy Digital's stock rose by 6.5%, while BitGo Holdings' stock fell by 4.4%, indicating increased market confidence in Galaxy but a cautious outlook for BitGo.
See More
