In a significant development within the cryptocurrency space, BlackRock, the world’s largest fund manager with assets exceeding $10 trillion, has surpassed MicroStrategy in Bitcoin accumulations. Latest data reveals that BlackRock’s iShares Bitcoin Trust (IBIT) now holds an impressive 195,985.3 BTC, valued at approximately $13.58 billion. This exceeds MicroStrategy’s cryptocurrency holdings, which amounted to around 193,000 BTC, equivalent to $13.394 billion, as of February 2024.
In a significant development within the cryptocurrency space, BlackRock, the world’s largest fund manager with assets exceeding $10 trillion, has surpassed MicroStrategy in Bitcoin accumulations. Latest data reveals that BlackRock’s iShares Bitcoin Trust (IBIT) now holds an impressive 195,985.3 BTC, valued at approximately $13.58 billion. This exceeds MicroStrategy’s cryptocurrency holdings, which amounted to around 193,000 BTC, equivalent to $13.394 billion, as of February 2024.
What makes this achievement particularly notable are the divergent paths taken by the two entities to amass their Bitcoin reserves. While MicroStrategy has been diligently accumulating BTC since mid-2020, BlackRock entered the cryptocurrency space recently, taking advantage of the approval of spot Bitcoin ETFs to quickly amass a substantial position in BTC.
MicroStrategy, led by CEO Michael Saylor, acquired its BTC at an average price of $31,554, equivalent to a $6.1 billion investment, which has now more than doubled in value as Bitcoin continues to hit new all-time highs.
Everyone wins for Bitcoin
Meanwhile, BlackRock has been making waves with its significant daily Bitcoin purchases, totaling hundreds of millions of dollars. Amid the exits of Grayscale and its GBTC, BlackRock’s IBIT has become a formidable player in the Bitcoin ETF market, quickly reaching $10 billion under management and capturing half the market share in just two months since its launch.
The race for supremacy in Bitcoin holdings among companies raises intriguing questions about the future trajectory of both BlackRock and MicroStrategy. Can Michael Saylor regain his title as the largest holder of Bitcoin or will BlackRock continue to dominate the market? Regardless of the outcome, this competition signals a positive trajectory for the cryptocurrency ecosystem as a whole.
