These Spot Bitcoin ETFs Surpass MicroStrategy’s BTC Holdings

Blockonomics
These Spot Bitcoin ETFs Surpass MicroStrategy's BTC Holdings
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Nine newly launched spot Bitcoin ETFs have collectively accumulated 216,309 Bitcoins (worth $10.3 billion) in just 21 days after launching.

According to HODL15Capital, the Bitcoin collection now surpasses the holdings of MicroStrategy, which owns 190,000 BTC, having begun accumulating portions of the asset in August 2020.

Bitcoin ETFs Accumulate Substantial Holdings

The ETFs, BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Valkyrie (BRRR), Franklin Templeton (EZBC), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), and WisdomTree (BTCW), now control nearly 1% of the total Bitcoin supply, which is capped at 21 million BTC.

The ETF’s collective holding surpasses MicroStrategy, triples the 66,465 BTC held by stablecoin issuer Tether, and exceeds the aggregate holdings of all public Bitcoin mining companies.

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Notably, MicroStrategy has been leading in corporate Bitcoin adoption since 2020. The firm purchased over 14,620 Bitcoins in 2023 alone and, in January 2024, expanded the reserves with 850 Bitcoins worth $37.5 million.

Among the new ETFs, BlackRock’s IBIT stands out with over 80,000 BTC, equivalent to $3.7 billion, making it the largest in terms of assets under management. Following closely is Fidelity’s FBTC, with more than 68,000 BTC holdings valued at $3.2 billion, according to BitMEX Research.

EFTs’ Impact on BTC Has Been Positive

The launch of spot Bitcoin ETFs on January 10 has had a significant impact on the price of Bitcoin. Initially, there was a massive decline, dropping from $49,048 to $38,505, as certain investors liquidated their Bitcoin holdings to acquire ETF shares.

However, this was followed by a recovery phase that saw the asset surge from $38,505 to $48,282, driven by an increased acquisition by ETFs that positively impacted the market sentiment. According to CoinGecko data, Bitcoin is trading at $48,000, up 12.7% in the last seven days.

Ki Young Ju, the Crypto Quant founder, mentioned that Bitcoin could reach $112,000 within the year, fueled by ETF inflows, with the worst-case scenario seeing a more modest price but not below $55,000.

He added that the Bitcoin market has seen a large influx owing to monthly spot ETF investments, currently at $9.5 billion, which could see the annual realized cap increase by $114 billion. Despite potential outflows from GBTC, he expects an increase of $76 billion to elevate the realized cap from $451 billion to between $527 billion and $565 billion.

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