BlackRock’s IBIT Surpasses MicroStrategy in Bitcoin Holdings

BlackRock’s iShares Bitcoin Trust (IBIT) has acquired 197,943 BTC, surpassing MicroStrategy’s 193,000 BTC, according to data from BitMEX Research.

[2/4] Same data in BTC terms pic.twitter.com/1sccUA2FTE

— BitMEX Research (@BitMEXResearch) March 9, 2024

In value terms, the largest competitor, GBTC, holds the leading cryptocurrency worth $13.58 billion. This volume was achieved nearly 40 trading sessions after the product’s approval by the SEC.

Grayscale Bitcoin Trust ETF maintains its leading position in the sector with AUM of $27.42 billion. The outflow during the specified period amounted to $10.55 billion. GBTC still holds 399,742 BTC.

The volume of assets under management by competitors (>$28 billion) has exceeded Grayscale’s for the first time.

On March 8, the total net product in spot Bitcoin ETFs amounted to $223 million. Overall, since January 11, it has reached $9.59 billion.

The activity of exchange-traded fund issuers has contributed to a decrease in available coins on OTC platforms. According to Lark Davis, founder of Wealth Mastery, there are conditions for continued position building through purchases on CEX.

OTC desks are running out of Bitcoin.

Suppliers must return to public exchanges to source new Bitcoin when demand is overwhelming.

The supply & demand pressure is building. pic.twitter.com/qoAiX8WW0A

— Lark Davis (@TheCryptoLark) March 4, 2024

Earlier, CoinShares estimated that demand for Bitcoin ETFs is three times higher than the mining of digital gold.

JPMorgan has expressed doubts that exchange-traded funds based on the leading cryptocurrency will surpass those based on key precious metals in value terms within investors' portfolios.