The stock market sale wasn’t called the “liberation day” even on the second day after President Donald Trump announced the global “mutual tariffs” on April 2.
The stock market was further assaulted as China retaliated on April 4 with a 34% tariff on US imports.
The S&P 500 soaked 4.61% at 5,147.51 points, with the Dow Jones Industrial Average (DJIA) at 38,944.31 points to 3.95%, and the Nasdaq had a 15,757.01 points to 4.79% as of writing on April 4th.
BlackRock (NYSE: BLK), the world’s largest asset manager, crosses similar territory.
BLK traded at $833.61 at press, down 6%. The stock has not seen a rise since April 2nd, and has since fallen about 13%.
However, the stock market crash did not discourage asset managers from acquiring more Bitcoin. BlackRock purchased $66 million in BTC on April 4, according to Arkham, a chain-on analytics platform.
The company has been offering the Bitcoin Exchange-Traded Fund (ETF) in the United States since January 2024. SpotBitcoin ETFs track cryptocurrency prices and allow investors to be exposed to assets without purchasing directly.
The asset manager’s acquisition of additional Bitcoin on the day of a major sale only highlights the increasing relevance that assets hold in the global market.
In fact, BlackRock representatives met with staff from the Securities and Exchange Commission (SEC) Cryptographic Task Force on April 1st to discuss potential cryptographic products in the future.
As of April 3, the company’s Bitcoin ETF has a net worth of over $47 billion in accordance with SOSOValue.