BlackRock’s Spot Bitcoin exchange-traded fund (ETF) has surpassed MicroStrategy’s crypto holdings.
According to data compiled by BitMEX Research, BlackRock’s IBIT hold Approximately 40 trading sessions have taken place since the Securities and Exchange Commission approved nine new funds on January 10th, with 197,943 Bitcoins valued at over $13.5 billion as of March 8th.
Excluding Grayscale’s GBTC, newly launched Bitcoin ETFs hold a total of $28 billion worth of assets as institutional demand continues to drive the cryptocurrency higher. On March 8th, Bitcoin price exceeded the $70,000 level for the first time.
[1/4] Bitcoin ETF Flow – March 8, 2024
All data has been entered. 2-day net flow was $223 million positive
ETF assets excluding GBTC now exceed $28 billion, surpassing GBTC assets for the first time pic.twitter.com/5BlBTu4WLn
— BitMEX Research (@BitMEXResearch) March 9, 2024
Report on X (formerly Twitter) show Over-the-counter (OTC) trading platforms are running out of Bitcoin and are relying on public exchanges to fulfill orders. Large traders such as institutional investors are typically served by OTC desks.
Although not an ETF issuer, technology company MicroStrategy has built a 193,000 BTC portfolio as part of its corporate treasury strategy. The software company employs a leveraged operating strategy that uses debt to finance operations and investments.
MicroStrategy is doubling down on its Bitcoin strategy. The company recently announced plans for a bond issue aimed at raising more than $600 million to shore up its Bitcoin reserves.
Its Bitcoin-centric strategy has led to MicroStrategy (MSTR) stock being branded as a “leveraged Bitcoin ETF.” This strategy has so far proven effective. MSTR has soared 642% in the past 12 months, significantly outpacing Bitcoin’s 244% rise. same period.
MicroStrategy CEO Michael Saylor has no plans to sell his Bitcoin reserves. “I’m going to buy the top forever. Bitcoin is an exit strategy,” Saylor told Bloomberg on February 20.
The executive said cryptocurrencies are “technically superior” to gold, the S&P 500 and real estate, even though the market capitalization of all three asset classes is much larger than Bitcoin.
“Bitcoin is technically superior to those asset classes. If that’s the case, there’s no reason to sell the winners and buy the losers.”
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