BlackRock’s Bitcoin ETF Boasts 200K BTC, Surpassing MicroStrategy’s Holdings
In less than two months of existence, the BlackRock iShares Bitcoin ETF has surpassed MicroStrategy in terms of holding bitcoin. As of Friday, the ETF held 195,985 BTC, while MicroStrategy held 193,000 BTC as of Feb. 26.
It is possible that MicroStrategy has since added to their bitcoin holdings, as the company recently announced plans to purchase more BTC with a $700 million capital raise. However, the BlackRock iShares Bitcoin ETF continues to dominate the market, with daily inflows of hundreds of millions of dollars since its launch on Jan. 11.
Currently, the Grayscale Bitcoin Trust (GBTC) holds around 400,000 BTC, making it the second largest spot product after the BlackRock iShares Bitcoin ETF. However, even with a loss of over 200,000 BTC in recent months, the trust still holds a significant amount of bitcoin.
The massive demand for these new spot ETFs has been a major driving force in the more than 60% increase in bitcoin’s price this year. The cryptocurrency reached an all-time high of $70,136 on Friday morning, according to data from CoinDesk Indices, and is currently trading just below $70,000.
It is clear that the BlackRock iShares Bitcoin ETF holds a significant portion of the market and is a major contributor to the surge in bitcoin’s price. As more investors turn to these spot products, it is expected that bitcoin’s price will continue to rise.
In conclusion, the BlackRock iShares Bitcoin ETF has quickly become a dominant force in the market, surpassing even established players like MicroStrategy. With its daily inflows and large holdings, it is clear that the ETF is helping to drive the increase in bitcoin’s value. As the market for spot products continues to grow, it will be interesting to see how these ETFs shape the future of bitcoin.
