BlackRock ETF Holds More BTC Than MicroStrategy

BlackRock ETF Holds More BTC Than MicroStrategy

BlackRock ETF Holds More BTC Than MicroStrategy

BlackRock ETF has surpassed MicroStrategy’s holdings with 197,943 Bitcoins valued at over $13.5B, with BlackRock having more Bitcoins. 

The spot Bitcoin exchange-traded fund (ETF) that BlackRock manages has overtaken MicroStrategy’s cryptocurrency holdings.

BlackRock ETF Valved At $13.5 Billion

According to information that was provided by BitMEX Research, BlackRock ETF IBIT currently possesses 197,943 bitcoins, which is valued at more than $13.5 billion as of March 8 with BlackRock ETF on the rise.

This announcement comes about forty trading sessions after the United States Securities and Exchange Commission approved nine new funds on January 10 excluding BlackRock ETF.

The recently created Bitcoin exchange-traded funds (ETFs) jointly hold assets worth $28 billion, excluding Grayscale’s GBTC. This is because institutional demand for cryptocurrency continues to drive it upward.

At the start of March, the price of Bitcoin exceeded the $70,000 threshold for the very first time. Reports published on X (formerly known as Twitter) indicate that over-the-counter (OTC) trading platforms are running out of Bitcoin and are resorting to public exchanges to fulfill orders.

In most cases, over-the-counter (OTC) desks serve large-volume trades, such as those of institutional investors. Although it is not an exchange-traded fund (ETF) issuer, the IT company MicroStrategy has constructed a portfolio of 193,000 bitcoins as part of its corporate treasury strategy.

Microstrategy Focuses On Bitcoin

The software corporation utilizes a leveraged operational strategy. This strategy involves the utilization of debt to finance both operations and investments. MicroStrategy is increasing its focus on the Bitcoin approach it has developed.

Recently, the corporation intended to conduct a debt offering to accumulate more than 600 million dollars to enhance its Bitcoin reserves. Investors referred to MicroStrategy’s (MSTR) stock as a “leveraged Bitcoin ETF” due to the company’s Bitcoin-centered strategy.

To this point, the technique has demonstrated that it is successful. Over the past year, MSTR has appreciated by 642%, significantly higher than Bitcoin’s 244% growth during the same period.

BlackRock ETF Holds More BTC Than MicroStrategy
MicroStrategy (MSTR) 1-year performance as of March 8. Source: Google Finance.

According to Michael Saylor, CEO of MicroStrategy, the company has no intention of selling its Bitcoin holdings. “I will continue to purchase tops for the rest of my life.

“Bitcoin is technically superior to those asset classes. And that being the case, there’s just no reason to sell the winner to buy the losers.”

During an interview with Bloomberg on February 20th, Saylor stated that Bitcoin is the exit plan. According to the CEO, the cryptocurrency is “technically superior” to gold, the S&P 500, and real estate, although all three asset classes have significantly higher market capitalizations than Bitcoin. 

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