Bitcoin ETF by BlackRock Approaches 200K BTC, Overtaking MicroStrategy by Michael Saylor

March 13, 2024

By Anjali Kochhar

The BlackRock iShares Bitcoin ETF (IBIT) has amassed more Bitcoin (BTC) in its short two-month existence than MicroStrategy (MSTR).

IBIT had 195,985 Bitcoin on last Friday, According to the fund’s most recent disclosure, following another day of sizable inflows. Based on MicroStrategy’s most recent public statements, the company had 193,000 tokens as of February 26.

It’s probable that MicroStrategy has increased that amount since then because the business priced a $700 million capital raise earlier last week with the goal of using the money to buy more Bitcoin.

BlackRock’s IBIT, which was the largest of the new spot products (apart from the Grayscale Bitcoin Trust, which was converted from a closed end fund) since the spot ETFs launched on January 11th, has frequently added hundreds of millions of dollars’ worth of Bitcoin every day.

Grayscale’s GBTC is the next in line for IBIT. It still has about 400,000 tokens in it even though it has lost over 200,000 Bitcoin since the spot products opened for business.

This year’s over 60% price surge for Bitcoin can be attributed mostly to the enormous demand for the new spot ETFs. According to the data from CoinDesk Indices shows that the cryptocurrency crossed the $70,000 threshold for the first time ever onFriday morning, ultimately hitting a new all-time high of $70,136.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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