Originally published on: December 03, 2024
BlackRock’s iShares Bitcoin Trust (IBIT) ETF has made waves in the investment world by amassing over 500,000 BTC in holdings, worth a staggering $48 billion as of December 2nd.
This spot Bitcoin exchange-traded fund has become a favorite among investors looking to gain exposure to the cryptocurrency market without the hassle of directly holding Bitcoin. BlackRock touts the ETF as a convenient way to access Bitcoin through an exchange-traded product (ETP), eliminating the complexities of managing tax, custody, and operational aspects associated with owning Bitcoin.
Since its launch, the iShares Bitcoin Trust ETF has quickly risen in popularity, now holding 2.38% of Bitcoin’s total capped supply of 21 million. This milestone places it as the most actively traded spot Bitcoin ETF in the market, according to data from ETF tracker SoSoValue.
In addition to BlackRock’s success, other spot Bitcoin ETFs have seen positive cumulative inflows, with the exception of the Grayscale Bitcoin Trust (GBTC). Combined, these ETFs are nearing close to 1.1 million BTC, a figure almost equivalent to the amount of Bitcoin believed to be held by the mysterious creator, Satoshi Nakamoto.
The IBIT ETF’s recent achievement in surpassing 500,000 BTC holdings now puts it ahead of MicroStrategy, a prominent corporate Bitcoin holder. While MicroStrategy continues to lead in total Bitcoin holdings, recent filings reveal the company’s ongoing efforts to invest in more of the cryptocurrency.
Other players in the corporate Bitcoin space, such as MARA Holdings, have also been actively increasing their Bitcoin holdings. MARA Holdings recently disclosed its acquisition of over 6,000 Bitcoin between October and November, solidifying its position as the second-largest corporate Bitcoin holder.
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