Michael Saylor, the head of MicroStrategy and a prominent supporter of Bitcoin, recently highlighted a significant achievement in the world of Bitcoin exchange-traded funds (ETFs). Saylor pointed out that there are currently 34 Spot Bitcoin ETFs holding a collective total of over one million BTC, precisely 1,031,973 BTC.
This milestone marks a pivotal moment in the cryptocurrency market, as ETFs have become an appealing option for investors seeking exposure to Bitcoin without actually owning it. Interest in Bitcoin ETFs has been steadily increasing among both institutional and retail investors. Notable examples include the successful funds from BlackRock and Fidelity Investments.
BlackRock’s iShares Bitcoin Trust, managing over US$21.4 billion, recently surpassed Grayscale’s US$20.1 billion Bitcoin fund, claiming the title of the world’s largest in its category. Following closely behind is the Fidelity Wise Origin Bitcoin Fund, with US$12.3 billion in assets under management.
In addition to these large funds, MicroStrategy, under Saylor’s leadership, has been making headlines for its aggressive accumulation of Bitcoin. By May 2024, the company had acquired 214,400 Bitcoins. More recently, US Bitcoin ETFs that directly invest in the cryptocurrency saw net inflows for 19 consecutive days, driving up demand and pushing the price of Bitcoin to new highs.
As of the latest update, the price of BTC stood at US$69,422.07, showing a slight 0.5% decline in the past 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
Editor’s Choice: Thailand’s approval of the first Spot Bitcoin ETF and the record-breaking $887 million in inflows for Bitcoin ETFs.