In
less
than
two
months
of
existence,
the
BlackRock
iShares
Bitcoin
ETF
(IBIT)
has
accumulated
more
bitcoin
(BTC)
than
MicroStrategy
(MSTR).
According
to
the
fund’s
latest
disclosure,
IBIT
held
195,985
bitcoin
on
Friday
after
another
day
of
significant
inflows.
Meanwhile,
the
most
recent
public
statements
from
MicroStrategy
show
the
company
as
of
Feb.
26
held
193,000
tokens.
It’s
possible
that
MicroStrategy
has
added
to
that
total
since,
as
the
company
earlier
this
week
priced
a
$700
million
capital
raise
with
intentions
to
use
the
funds
to
purchase
more
bitcoin.
Since
the
launch
of
the
spot
ETFs
on
Jan.
11,
BlackRock’s
IBIT
has
often
added
hundreds
of
millions
of
dollars
worth
of
bitcoin
on
a
daily
basis,
establishing
itself
as
the
largest
of
the
new
spot
products
(excepting
the
Grayscale
Bitcoin
Trust,
which
was
converted
from
a
closed
end
fund).
Next
in
line
for
IBIT
would
be
Grayscale’s
GBTC,
which
has
lost
more
than
200,000
bitcoin
since
the
spot
products
opened
for
business,
but
still
holds
around
400,000
tokens.
Massive
demand
for
the
new
spot
ETFs
is
the
key
reason
for
bitcoin’s
more
than
60%
price
surge
this
year.
The
cryptocurrency
topped
$70,000
for
the
first
time
ever
Friday
morning,
eventually
reaching
a
fresh
all-time
high
of
$70,136,
according
to
data
from
CoinDesk
Indices.
At
press
time,
bitcoin
was
trading
at
just
under
the
$70,000
mark.
