BlackRock Bitcoin ETF Surpasses MicroStrategy's Holdings

The iShares Bitcoin Trust (iBIT) by BlackRock has overtaken MicroStrategy’s Bitcoin (BTC) holdings, recording a substantial net inflow for the week. This noteworthy achievement coincides with a solid net inflow in spot Bitcoin ETFs this week.

BlackRock Flips MicroStrategy BTC Holdings

The recent surge in funds inflow has propelled the iShares Bitcoin Trust to surpass MicroStrategy in BTC’s wealth hierarchy. MicroStrategy presently boasts of holding 193,000 BTC, the most recent addition being 3,000 BTC, which it acquired on Feb. 26.

Bitcoin Treasuries data reveals that MicroStrategy acquired its BTC reserves at an average price of $31,554. This calculated approach resulted in an investment outlay totaling $6.09 billion for Michael Saylor’s company.

At Bitcoin’s all-time high, this investment has reached a current valuation exceeding $13 billion, underscoring the substantial returns yielded by MicroStrategy’s Bitcoin acquisitions. Before the US regulator approved spot Bitcoin exchange-traded funds (ETFs), investors often turned to MicroStrategy (MSTR) to indirectly participate in spot Bitcoin’s performance within the stock market.

Now, authorized BTC exchange-traded funds introduce increased competitiveness within traditional finance. Hence, this provides investors with more avenues to explore profit opportunities in the price movements of the leading crypto asset.

Weekly IBIT ETF Performance

Since its listing on the NASDAQ stock exchange on Jan. 11, the iShares Bitcoin Trust, a financial vehicle managed by BlackRock Inc., has achieved various milestones. One such milestone is that the ETF has outpaced MicroStrategy’s BTC holdings despite only marking its 40-day launch.

In the latest weekly update released on Mar. 8, as contained in the weekly report by HODL15Capital, BlackRock unveiled the results of its spot Bitcoin ETF. The update shows that this week stood out as the third most successful for iBIT, witnessing the addition of 31,588 BTC.

Data table showing each ETF’s activitypic.twitter.com/UTak9hsCQn

— HODL15Capital (@HODL15Capital) March 9, 2024

An evaluation of the cumulative activity of Bitcoin ETF operations over the past nine weeks indicates that BlackRock’s financial product emerges as the frontrunner, with a remarkable accumulation of over 196,000 BTC holdings.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.