BlackRock’s IBIT Overshadows MicroStrategy with 12,000 BTC Purchase

BlackRock's Bitcoin Spot ETF, IBIT, has amassed a greater amount of Bitcoin compared to MicroStrategy, particularly with its recent acquisition of 12,000 BTC.

Azcnews (1)

Last week, BlackRock’s iShares Bitcoin ETF (IBIT), a SEC-approved spot Bitcoin exchange-traded fund, briefly outpaced software firm MicroStrategy in BTC holdings. According to a disclosure on Friday, IBIT currently holds 195,985 BTC, while MicroStrategy, having recently acquired an additional 12,000 BTC, now holds 205,000. Notably, MicroStrategy’s chairman, Michael Saylor, has consistently advocated for Bitcoin.

In the context of Bitcoin’s remarkable 70% surge this year, reaching around $72,000, the approved spot Bitcoin ETFs, including IBIT, have garnered significant attention, accumulating over $10 billion in net inflows. This surge in demand precedes the upcoming halving event. To address investor demand and maintain liquidity, IBIT has been acquiring billions of dollars worth of Bitcoin as its assets under management have expanded.

It’s worth noting, however, that IBIT’s holdings, although substantial, pale in comparison to the Grayscale Bitcoin Trust (GBTC), which manages an impressive 400,165 BTC. GBTC, originally the largest Bitcoin fund before transitioning into a spot Bitcoin ETF, has experienced significant outflows totaling $10 billion post-conversion.

Despite the challenges faced by GBTC, the ten new spot products launched in January have collectively amassed $55 billion in assets under management (AUM). Leading the inflows are both IBIT and Fidelity’s Bitcoin ETF. On the microblogging platform X, formerly Twitter, Bloomberg ETF analyst Eric Balchunas expressed surprise at IBIT and Fidelity’s Bitcoin ETF (FBTC) ranking third and fourth in year-to-date flows among all ETFs.

Related: Bitcoin Surges to $72,000 as ETF Funds Continue Breaking Records

In the broader context of the cryptocurrency market, investment products witnessed record weekly inflows of $2.7 billion, with Bitcoin and Solana products attracting more capital compared to others. Interestingly, Ethereum products experienced outflows amounting to $2.1 million.

5.0/5

(2 votes)
  1. Avatar of Happinessmmesoma
    Happinessmmesoma

    Nice

  2. Avatar of Abdulbasit mukhtar abdulkadir
    Abdulbasit mukhtar abdulkadir

    I really appreciate the updates that I have seen

  3. Avatar of Abdulbasit mukhtar abdulkadir
    Abdulbasit mukhtar abdulkadir

    We are going to make a amazing Reward

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

What Is Cosmos Atom Information About Atom Token

Altcoin | Editor Choice | News | Research

What is Cosmos ATOM? Information about ATOM Token

What is Cosmos (ATOM)? Learn about the operating mechanism and outstanding features of Cosmos along with detailed information about the tokenomics of ATOM Token!

Important Update About Dogs Airdrop On Telegram

Airdrops | Editor Choice | News

Important Update about Dogs Airdrop on Telegram

DOGS on Telegram has announced important updates about their DOGS token distribution plan and the addition of a new "check-in" feature.

Azcnews Binance Delists Multiple Trading Pairs On Platform

News | Editor Choice | Policy & Regulations

Binance Delists Multiple Trading Pairs on Platform

Binance will delist specific spot trading pairs on July 26, 2024. The AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC pairs will no longer be available for trading.

Altlayer Moves Up Alt Token Unlock Schedule, Mimicking Worldcoin

News | Altcoin | Editor Choice

AltLayer Moves Up ALT Token Unlock Schedule, Mimicking Worldcoin

The AltLayer (ALT) restaking solution has announced that they will move up the token unlock schedule to the present time.

Azcnews Large Inflows Into Ether Etfs On First Day Of Trading

News | Altcoin | Editor Choice

Large Inflows into Ether ETFs on First Day of Trading

Bloomberg ETF analyst Eric Balchunas described the $625 million trading volume, excluding Grayscale's ETHE, as "healthy" and anticipated that a "significant portion" of this amount would translate into inflows.