BlackRock Bitcoin ETF now holds more BTC than MicroStrategy
BlackRock's position in the Bitcoin exchange-traded fund (ETF) has surpassed MicroStrategy's cryptocurrency holdings.
According to data compiled by BitMEX Research, BlackRock IBIT As of March 8, it held 197,943 bitcoins worth more than $13.5 billion, nearly 40 trading sessions after the Securities and Exchange Commission approved nine new currencies on January 10.
Excluding Greyscale's GBTC, the newly launched Bitcoin ETFs collectively hold $28 billion in assets as institutional interest continues to fuel the cryptocurrency. On March 8, the price of Bitcoin passed the $70,000 mark for the first time.
[1/4] Bitcoin ETF Flow – 08 March 2024
All data at $223m positive net flow for the day
Excluding GBTC, ETF assets now exceed $28 billion, surpassing GBTC assets for the first time pic.twitter.com/5BlBTu4WLn
— BitMEX Research (@BitMEXResearch) March 9, 2024
Reports on X (formerly Twitter) indicate that over-the-counter (OTC) trading platforms are running out of Bitcoin and turning to public exchanges to execute orders. Larger volume traders, such as institutional investors, are typically served at OTC desks.
While not an ETF issuer, technology company MicroStrategy has built a portfolio of 193,000 BTC as part of its corporate treasury strategy. The software company uses a leveraged operating strategy where debt is used to fund operations and investments.
MicroStrategy is doubling down on its Bitcoin strategy. The company recently announced plans to raise more than $600 million in debt to strengthen its Bitcoin reserves.
Its bitcoin-centric strategy has led MicroStrategy (MSTR) to name its stock as a “balanced bitcoin ETF.” The strategy has proven effective so far. MSTR has grown 642% over the past 12 months, outperforming Bitcoin's 244%. same season.
MicroStrategy CEO Michael Saylor has no plans to sell bitcoin stocks. “I'm going to rule the top forever. “Bitcoin is an exit strategy,” Saylor told Bloomberg on Feb. 20.
According to the executive, the cryptocurrency is “technically superior” to gold, the S&P 500 and real estate, even though all three asset classes have a much larger market capitalization than Bitcoin.
“Bitcoin technically outperforms those asset classes. When this is the case, there is no reason to buy losers to sell winners.
Magazine: ‘Crypto Is Inevitable' So We're ‘All In' – Meet Vance Spencer, Permabul
