BlackRock's ETF overtakes MicroStrategy in Bitcoin ownership

BlackRock's iShares Bitcoin ETF (IBIT) has surpassed MicroStrategy in Bitcoin holdings in under two months.

IBIT now holds 195,985 Bitcoin, outpacing MicroStrategy's 193,000 tokens. This surge in IBIT's holdings follows significant inflows since its launch on January 11. IBIT now ranks ahead of other spot products in the market, except for Grayscale Bitcoin Trust.

Despite MicroStrategy's recent $700 million capital raise to increase Bitcoin holdings, it still lags behind. The demand for new spot ETFs like IBIT has notably contributed to Bitcoin's over 60% price surge this year, with the cryptocurrency recently reaching a record high of $70,136.