BlackRock Bitcoin ETF now holds more BTC than MicroStrategy
According to data from BitMEX, BlackRock’s IBIT now has nearly 198,000 BTC, outpacing MicroStrategy’s holdings.
BlackRock’s spot Bitcoin ( BTC ) exchange-traded fund (ETF) has outpaced MicroStrategy’s holdings of the cryptocurrency.
According to data compiled by BitMEX Research, BlackRock’s IBIT holds 197,943 BTC, worth over $13.5 billion as of March 8, nearly 40 trading sessions after the United States Securities and Exchange Commission approved nine new funds on Jan. 10.
Excluding Grayscale’s GBTC, the newly launched Bitcoin ETFs collectively hold assets valued at $28 billion as institutional demand continues to drive the cryptocurrency upward. On March 8, Bitcoin’s price crossed the $70,000 mark for the first time .
[1/4] Bitcoin ETF Flow - 08 March 2024
— BitMEX Research (@BitMEXResearch) March 9, 2024
All data in. $223m positive net flow for thew day
The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC's assets for the first time pic.twitter.com/5BlBTu4WLn
Reports on X (formerly Twitter) indicate that over-the-counter (OTC) trading platforms are running out of Bitcoin and turning to public exchanges to fulfill orders. Large-volume traders, such as institutional investors, are typically served by OTC desks.
While not an ETF issuer, technology firm MicroStrategy has built a portfolio of 193,000 BTC as part of its corporate treasury strategy. The software company employs a leveraged operating strategy in which debt is used to finance operations and investments.
MicroStrategy is doubling down on its Bitcoin strategy. The company recently announced plans for a debt offering aimed at raising over $600 million to strengthen its Bitcoin reserves.
Its Bitcoin-centric strategy led MicroStrategy’s (MSTR) stock to be branded as a “leveraged Bitcoin ETF.” The strategy has proven to be effective so far. MSTR has soared 642% in the last 12 months, greatly outpacing Bitcoin’s 244% gains over the same period.
MicroStrategy (MSTR) 1-year performance as of March 8. Source: Google Finance.MicroStrategy’s CEO, Michael Saylor, has no plans to sell its Bitcoin reserves. “I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor said, speaking to Bloomberg on Feb. 20.
According to the executive, the cryptocurrency is “technically superior” to gold, the SP 500 and real estate, even though all three asset classes have far greater market capitalizations than Bitcoin.
“Bitcoin is technically superior to those asset classes. And that being the case, there’s just no reason to sell the winner to buy the losers.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin well-positioned to hit $100K by January 2025 — 10x Research
Rexas Finance (RXS) Up 100% as Cardano (ADA) and Polygon (POL) Struggle to Stay Afloat
Ethereum and Solana Ready to Explode, but PropiChain Will Rise 600x in the Upcoming Crypto Bull Run
6 Altcoins to Invest in Right Now: November 2024