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BlackRock’s spot Bitcoin exchange-traded fund (ETF) has managed to surpass MicroStrategy’s total Bitcoin holdings. According to data compiled by BitMEX Research, as of March 8, BlackRock’s IBIT holds 197,943 Bitcoins valued at over $13.5 billion, approximately 40 trading sessions after the Securities and Exchange Commission approved nine new funds on January 10.
What’s Happening with ETF Funds?
Excluding Grayscale’s GBTC, the newly launched Bitcoin ETF funds, along with institutional demand, continue to drive the cryptocurrency’s value up, collectively holding assets worth $28 billion. On March 8, the price of Bitcoin surpassed the $70,000 mark for the first time.
Reports published through X indicate that the circulating supply of Bitcoin on over-the-counter (OTC) trade platforms is depleting, leading to reliance on public exchanges to fulfill orders. OTC platforms typically serve large-volume investors such as institutional investors.
Although not an ETF issuer, technology firm MicroStrategy holds a portfolio of 193,000 Bitcoins as part of its corporate treasury strategy. The software company employs a leveraged business strategy using hedging to finance operations and investments. MicroStrategy is doubling down on its Bitcoin strategy, recently announcing plans for a debt offering of over $600 million to bolster its Bitcoin reserves.
MicroStrategy and Its Bitcoin Move
MicroStrategy’s Bitcoin-centric strategy has led to its shares being branded as a leveraged Bitcoin ETF fund. The strategy has proven effective so far, with MSTR showing a 642% increase over the last 12 months, significantly outpacing Bitcoin’s 244% gain in the same period.
MicroStrategy’s CEO Michael Saylor has no plans to sell the Bitcoin reserves, and in a February 20 interview with Bloomberg, the prominent executive commented:
“I will keep buying the peak forever. That’s the exit strategy for Bitcoin.”
According to the executive, the cryptocurrency is technically superior to gold, the S&P 500, and real estate, even though these three asset classes have much larger market values than Bitcoin:
“Bitcoin is technically superior to these asset classes. With this in mind, there’s no reason to sell the winner and buy the loser.”
