Fun

BlackRock Bitcoin ETF now holds more BTC than MicroStrategy

News Feed - 2024-03-11 03:03:03

Ana Paula Pereira5 hours agoBlackRock Bitcoin ETF now holds more BTC than MicroStrategyAccording to data from BitMEX, BlackRock"s IBIT now has nearly 198,000 Bitcoin, outpacing MicroStrategy’s holdings.5374 Total views60 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBlackRock"s spot Bitcoin exchange-traded fund (ETF) has outpaced MicroStrategy’s holdings of the cryptocurrency.


According to data compiled by BitMEX Research, BlackRock"s IBIT holds 197,943 Bitcoin, worth over $13.5 billion as of March 8, nearly 40 trading sessions after the Securities and Exchange Commission approved nine new funds on Jan. 10.


Excluding Grayscale’s GBTC, the newly launched Bitcoin ETFs collectively hold assets valued at $28 billion as institutional demand continues to drive the cryptocurrency upward. On March 8, the Bitcoin price crossed the $70,000 mark for the first time.[1/4] Bitcoin ETF Flow - 08 March 2024

All data in. $223m positive net flow for thew day

The assets of the ETFs excluding GBTC are now over $28 billion, this is now larger than GBTC"s assets for the first time pic.twitter.com/5BlBTu4WLn— BitMEX Research (@BitMEXResearch) March 9, 2024


Reports on X (formerly Twitter) indicate that over-the-counter (OTC) trading platforms are running out of Bitcoin and turning to public exchanges to fulfill orders. Large-volume traders, such as institutional investors, are typically served by OTC desks.


While not an ETF issuer, technology firm MicroStrategy has built a portfolio of 193,000 BTC as part of its corporate treasury strategy. The software company employs a leveraged operating strategy in which debt is used to finance operations and investments.


MicroStrategy is doubling down on its Bitcoin strategy. The company recently announced plans for a debt offering aimed at raising over $600 million to strengthen its Bitcoin reserves.


Its Bitcoin-centric strategy led MicroStrategy (MSTR) stock to be branded as a “leveraged Bitcoin ETF." The strategy has proven to be effective so far. MSTR has soared 642% in the last 12 months, greatly outpacing Bitcoin’s 244% gains over the same period.MicroStrategy (MSTR) 1-year performance as of March 8. Source: Google Finance.


MicroStrategy’s CEO, Michael Saylor, has no plans to sell its Bitcoin reserves. “I’m going to be buying the top forever. Bitcoin is the exit strategy,” Saylor said, speaking to Bloomberg on Feb. 20.


According to the executive, the cryptocurrency is “technically superior” to gold, the S&P 500 and real estate, even though all three asset classes have far greater market capitalizations than Bitcoin.“Bitcoin is technically superior to those asset classes. And that being the case, there’s just no reason to sell the winner to buy the losers.”


Magazine:‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull# Bitcoin# Business# Investments# ETF# MicroStrategyAdd reactionAdd reaction

News Feed

Digital Currency Group objects to subsidiary Genesis’ settlement with NYAG
Derek Andersen4 hours agoDigital Currency Group objects to subsidiary Genesis’ settlement with NYAGDCG claims the settlement was made with the assumption that NYAG would win in court, and it does not observe the parent
Kyle White14 hours agoWhy is XRP price up today?XRP price soars following a Federal court ruling that the altcoin is not a security.59262 Total views141 Total sharesListen to article 0:00Markets NewsJoin us on social net
Nigerian central bank to freeze Bybit, KuCoin, OKX, Binance user accounts
Amaka Nwaokocha5 minutes agoNigerian central bank to freeze Bybit, KuCoin, OKX, Binance user accountsThe CBN through the circular, also stated that regulated financial institutions dealing in crypto or facilitating payme
Bitcoin price buys time at $61K as US jobless claims hit 9-month highs
William Suberg9 hours agoBitcoin price buys time at $61K as US jobless claims hit 9-month highsBitcoin refuses to budge after the latest U.S. macro data, but a six-figure BTC price is waiting the wings, analysis claims.4
5 High-Profile Cryptocurrency Implosions Shatter Trust, Wipe out Billions in Value During 2022’s Crypto Winter
5 High-Profile Cryptocurrency Implosions Shatter Trust, Wipe out Billions in Value During 2022"s Crypto Winter 2022 was a year of phenomenal cryptocurrency blowouts, as several pro
XRP, SOL, DOGE open interest falls a combined 51% in the last month
Ciaran Lyons2 hours agoXRP, SOL, DOGE open interest falls a combined 51% in the last monthDogecoin’s open interest saw the steepest decline among the top 10 cryptocurrencies by market cap, falling 64% since the start o
Mark Zuckerberg says Meta wearables that read brain signals are coming soon
Martin Young2 hours agoMark Zuckerberg says Meta wearables that read brain signals are coming soonThe new neural technology that Meta is developing will be “pretty wild,” said Zuckerberg, adding its first application
Turner Wright3 hours agoDelaware authorities refer fake BlackRock XRP trust filing to state’s Justice DepartmentState authorities may investigate the fake BlackRock “iShares XRP Trust” registration following a refe
Oklahoma’s new crypto law protects miners, sets blockchain legal framework
Ana Paula Pereira4 hours agoOklahoma’s new crypto law protects miners, sets blockchain legal frameworkOklahoma Governor Kevin Stitt enacted a law on May 13 that creates a legal framework for blockchain and safeguards m
Bitwise files with SEC for spot Ether ETF listing
Turner Wright3 hours agoBitwise files with SEC for spot Ether ETF listingThe SEC approved investment vehicles tied to Ether futures in October but has not reached a decision about spot ETH exchange-traded funds on U.S. e
Amaka Nwaokocha14 hours agoSynthetix takes on counterparty risks with Infinex derivatives exchangeThe upcoming exchange will cater to novice and experienced traders by offering features similar to centralized exchanges.3
Crypto Seen as Investment Opportunity in the MENA Region Says Iceberg Capital Executive Chairman
Crypto Seen as Investment Opportunity in the MENA Region Says Iceberg Capital Executive Chairman While interest in digital assets has waned in some parts of the world, in the Middl