Bitcoin ETF

Bitcoin

BlackRock

The BlackRock spot Bitcoin exchange-traded fund (ETF) has emerged as a formidable player, outpacing the holdings of technology firm MicroStrategy.&nbsp; 
Data compiled by BitMEX Research <a href="https://twitter.com/BitMEXResearch/status/1766359858893262958">reveals</a> that BlackRock’s Inverse Bitcoin ETF (IBIT) currently holds an impressive 197,943 Bitcoin, valued at over $13.5 billion as of March 8. This milestone comes just 40 trading sessions after the Securities and Exchange Commission (SEC) approved nine new funds on January 10. 
<h2 id="span-style-font-weight-400-surge-in-demand-drives-bitcoin-price-span">Surge in Demand Drives Bitcoin Price</h2> 
The surge in institutional demand is underscored by the collective assets of newly launched Bitcoin ETFs, excluding Grayscale’s GBTC, reaching a staggering $28 billion. This surge in demand has played a pivotal role in propelling the price of <a href="https://thecoinrise.com/bitcoin-slumps-after-breaching-its-69k-ath-milestone/">Bitcoin beyond the $70,000 mark on March 8</a>. 
Reports from various sources, including X (formerly Twitter), indicate that over-the-counter (OTC) trading platforms are experiencing a shortage of Bitcoin, leading them to turn to public exchanges to fulfill orders. Typically serving large-volume traders, such as institutional investors, OTC desks have become a crucial component of the cryptocurrency market. 
<h3 id="span-style-font-weight-400-blackrock-and-microstrategy-double-down-on-btc-span">BlackRock and MicroStrategy Double Down on BTC</h3> 
In contrast to the success of the BlackRock BTC ETF, technology firm MicroStrategy has taken a different approach to Bitcoin investment. MicroStrategy has strategically amassed a portfolio of 193,000 BTC as part of its corporate treasury strategy. Employing a leveraged operating strategy, the company utilizes debt to finance its operations and investments. 
MicroStrategy’s Bitcoin-centric approach has proven effective, with its stock (MSTR) soaring an impressive 642% in the last 12 months, significantly outpacing Bitcoin’s own gains of 244% during the same period.&nbsp; 
<h2 id="span-style-font-weight-400-michael-saylor-weighs-in-span">Michael Saylor Weighs in</h2> 
MicroStrategy’s CEO, Michael Saylor, remains committed to this strategy, recently announcing plans for a debt offering aimed at <a href="https://thecoinrise.com/microstrategy-announces-600m-funding-to-expand-btc-holdings/">raising over $600 million to further strengthen the company’s Bitcoin reserves</a>. 
Saylor expressed his unwavering commitment to Bitcoin, declaring, “I’m going to be buying the top forever. Bitcoin is the exit strategy.”&nbsp; 
He emphasized the cryptocurrency’s technical superiority over traditional assets such as gold, the S&amp;P 500, and real estate, despite their larger market capitalizations.&nbsp; 
<h3 id="span-style-font-weight-400-blackrock-expands-btc-exposure-span">BlackRock Expands BTC Exposure</h3> 
BlackRock recently stated that it plans to <a href="https://thecoinrise.com/blackrock-to-incorporate-spot-bitcoin-etfs-for-its-malox-fund/">integrate its spot BTC ETF into its global allocation funds</a>, notably the Multi-Asset Income Fund (MALOX). The firm also plans to diversify its exposure to Bitcoin ETFs by considering offerings from various issuers. 
The asset management firm is also planning to debut a spot Ether ETF in the near future but recently, the <a href="https://thecoinrise.com/sec-delays-decision-on-blackrock-and-fidelitys-eth-etfs/">SEC rejected its application for the same</a>. 
The post <a href="https://thecoinrise.com/blackrock-btc-etf-now-holds-more-btc-than-microstrategy/">BlackRock BTC ETF Now Holds More BTC than MicroStrategy</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

BlackRock BTC ETF Now Holds More BTC than MicroStrategy

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