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BlackRock and Fidelity ETFs Invest $500M in Ethereum as Microsoft Rejects Bitcoin
Dec 12, 2024, 01:31 AM
BlackRock and Fidelity have significantly invested in Ethereum (ETH), purchasing a combined total of $500 million worth of the cryptocurrency over two days through their respective ETFs. This move signals a broader interest in cryptocurrencies beyond Bitcoin. Meanwhile, Microsoft shareholders have overwhelmingly voted against a proposal to invest in Bitcoin, with less than 1% in favor, as reported by decryptmedia. The voting outcome at Microsoft contrasts with the investment strategies of major financial institutions like BlackRock and Fidelity, which are actively acquiring ETH through their ETFs. Bitwise, another player in the crypto ETF space, has seen $8 million flow into its Ethereum ETF, contributing 10% of its gross profits to Ethereum's open-source developers.
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