• 26 May, 2024
News

Blackrock ETFs Receive Over $20,000 in Runes Protocol Tokens

Investment giant Blackrock’s exchange-traded fund (ETF) wallets hold over $20,000 in RSIC•GENESIS•RUNE tokens. According to a post from the on-chain intelligence firm Arkham, two of Blackrock’s IBIT received tokens from the Runes protocol. Per the analytics firm, the tokens’ value surpassed $20,000 based on current exchange rates.

Arkham disclosed that the two wallets, bc1qnl4, and 1MWH, had received 1,887,240 RSIC•GENESIS•RUNE tokens. These tokens, linked to the halving event block by Rune Coin, reflect a notable addition to the ETF’s assets.

RSIC tokens are currently valued at 16.2 satoshis, or $0.01 per coin, with a market capitalization of approximately $220.14 million, according to data from the Okx marketplace. The tokens were inadvertently included in Blackrock’s holdings due to Ordinal inscriptions that had originally been airdropped from a Coinbase Prime Hot Wallet to Swissborg, which also held other Ordinal collections.

The RSIC inscriptions, valued at $20,000, unexpectedly found their way into Blackrock’s wallets, adding to their ETF’s diverse crypto holdings. This scenario unfolded as Ark Invest’s ARKB ETF came to light for owning a ‘Bitcoin Puppet’ NFT. Additionally, data from Inscriptions reveals that Blackrock also possesses a “Speculum Aeternum” Ordinal inscription.

Since the launch of the Runes protocol following the Bitcoin network’s halving on April 20, the protocol has significantly influenced Bitcoin transactions. Dune Analytics dashboard data indicated that more than 2.38 million Runes transactions, accounting for 68% of Bitcoin’s activity, were recorded since its inception, highlighting the protocol’s growing influence in the market.

Amidst this backdrop, BlackRock’s spot bitcoin ETF, trading as IBIT on Nasdaq, experienced a halt in investor inflows for the first time since its launch on January 11. The fund broke a 71-day streak of daily inflows as it recorded 0 inflows on April 24.

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