BlackRock’s iShares Bitcoin ETF (IBIT) has recently surpassed MicroStrategy in terms of BTC holdings. IBIT currently holds 195,985 BTC, while MicroStrategy holds 205,000 BTC after their recent purchase of an additional 12,000 BTC. Michael Saylor, chairman of MicroStrategy, has been a strong advocate for Bitcoin.
The approval of spot Bitcoin ETFs by the SEC has led to increased demand and a surge in the price of Bitcoin, reaching a new high of around $72,000. These ETFs have attracted over $10 billion in net inflows, with IBIT and Fidelity’s Bitcoin ETF leading the way.
Despite its large holdings, IBIT’s BTC assets are still dwarfed by the Grayscale Bitcoin Trust (GBTC), which manages 400,165 BTC. However, GBTC has experienced significant outflows amounting to $10 billion after converting into a spot Bitcoin ETF.
The launch of ten new spot products in January has resulted in a combined $55 billion in assets under management. IBIT and Fidelity’s Bitcoin ETF have played a significant role in driving these inflows.
Cryptocurrency investment products, including Bitcoin and Solana, have seen record weekly inflows of $2.7 billion. However, Ethereum products witnessed outflows of $2.1 million.
Overall, the rise of spot Bitcoin ETFs and the increasing adoption of Bitcoin in institutional portfolios have contributed to the growth of the cryptocurrency market.