ETF of BlackRock Holds More Bitcoin Than MicroStrategy

In less than two months since its launch, the BlackRock iShares Bitcoin ETF (IBIT) has accumulated more Bitcoin (BTC) holdings than MicroStrategy.

ETF of BlackRock Holds More Bitcoin Than MicroStrategy. Image: Unchained Crypto

According to BitMEX Research data as of March 8, the BlackRock Bitcoin spot ETF, IBIT, holds 198,000 Bitcoin, approximately managing assets worth $13.5 billion. This achievement is commendable after nearly 40 trading sessions.

Meanwhile, the well-known publicly traded company holding the most Bitcoin globally, MicroStrategy, currently owns a flat 193,000 BTC. However, MicroStrategy's portfolio may have changed, as the company recently issued $700 million in bonds to further accumulate Bitcoin, as reported by Coin68 last week.

History of MicroStrategy's Bitcoin purchases. Source: Saylor Tracker (11/03/2024)

Since its approval by the U.S. government for launch on January 11, IBIT has been adding hundreds of millions of USD worth of Bitcoin daily, outperforming other publicly listed spot ETF products (excluding Grayscale's ETF converted from GBTC). Additionally, BlackRock plans to purchase ETF products issued by itself through the Global Allocation Fund.

Grayscale's GBTC has withdrawn over 200,000 Bitcoin since opening for spot product business, but still holds about 400,000 BTC.

Bitcoin spot ETFs have been instrumental in driving Bitcoin prices up over 60% this year. The cornerstone cryptocurrency set a new high of $69,990 on March 8, 2024. However, Bitcoin only briefly surpassed its previous peak before experiencing a significant dump to around $66,500, and is currently trading around $68,373.

4H chart of BTC/USDT pair on Binance at 09:15 AM on March 11, 2024