The Bitcoin exchange-traded fund (ETF) of BlackRock, now has more Bitcoin than MicroStrategy, accumulating 195,985 BTC, overtaking MicroStrategy’s 193,000 BTC hoard.
The ETF’s BTC accumulation since the January launch shows that there is a strong demand for spot Bitcoin ETFs. This increase in interest has propelled Bitcoin’s price to surpass $70,000 and made it a new record high.
In the last two months, Bitcoin spot ETFs which were newly introduced and that have a total assets of $28 billion have been able to accumulate 4% of the total circulating supply of Bitcoin.
The market’s excitement for these ETFs is manifested in trading volumes that have already exceeded $100 billion. For instance, BlackRock’s IBIT, which is not an ETF issuer but a key player in the institutional space, has already gathered $13.5 billion worth of Bitcoins.
On the other hand, MicroStrategy, which is known for its Bitcoin-centered strategy, has a large amount of BTC in their corporate treasury. The firm has just revealed a proposal to raise $600 million debt in order to grow its Bitcoin holdings.
The MicroStrategy strategy is obviously successful as the stock has increased by 642% in the past 12 months, even outperforming Bitcoin gains of 244%. This competition landscape and the increasing institutional interest in Bitcoin demonstrate the cryptocurrency’s growing role in the traditional finance.
Also Read: BlackRock Sets Eyes on Bitcoin ETF Market for Global Fund Boost
