BlackRock’s Bitcoin ETF Now Holds More BTC Than MicroStrategy

Updated: 11 March 2024

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BlackRock’s iShares Bitcoin ETF (IBIT) has surpassed MicroStrategy in terms of Bitcoin holdings in less than two months since its launch.

The latest disclosure by the fund shows that BlackRock’s IBIT held 195,985 coins as of Mar. 8, compared to the 193,000 BTC held by MicroStrategy as of Feb. 26. This came after IBIT had another huge day on Friday, adding almost 5,000 BTC.

BlackRock Bitcoin ETF Leads The Way

IBIT has led the charge in the U.S. spot Bitcoin ETF market ever since the investment products launched on Jan. 11 this year.

BlackRock’s reputation as an industry titan played a key role in IBIT’s large daily inflows, which sometimes soared to hundreds of millions of dollars.

The only U.S. spot Bitcoin ETF that holds more BTC than IBIT is the recently-converted Grayscale Bitcoin Trust, which still holds approximately 400,000 BTC despite over 200,000 BTC leaving the fund since Jan .11.

In addition to the large inflows, BlackRock’s IBIT has also witnessed substantial daily trading volumes.

In a Mar. 8 X post, Bloomberg ETF analyst Eric Balchunas said that IBIT was able to record around $2.2 billion in trading volume within just the first two hours of trading on Friday.

Something is in the water again, the ten bitcoin ETFs have seen a big day's worth of volume in the first two hours, on pace to beat Tuesday's wild $10b day. $IBIT alone is $2.2b. A billion a day is big boy level, IBIT doing a bil an hour. pic.twitter.com/ihp8p1LIlO

— Eric Balchunas (@EricBalchunas) March 8, 2024

And trading activity for the fund topped $1 billion for two consecutive days towards the end of February.

BlackRock Looking To Add Bitcoin ETFs To Its Global Allocation Fund

A Mar. 4 filing with the U.S. Securities and Exchange Commission (SEC) shows that BlackRock wants to add spot Bitcoin ETFs to its Global Allocation Fund (MALOX).

MALOX holds approximately $17.8 billion in assets under management and the inclusion of spot BTC ETFs in such funds would be another massive step towards broader mainstream adoption of Bitcoin ETFs and BTC itself.