American multinational investment banking giant BlackRock has updated its Spot Bitcoin ETF holding data showing it has more than 200,000 units of the cryptocurrency.
Data from the updated record shows the total shares for IBIT come in at 203,754 BTC amid a market valuation of $14,760,564,813. While there has been a lot of data insight into BlackRock’s Bitcoin acquisition since the inception of the product in January, this latest update gives the most accurate insight into the firm’s BTC holdings.
The BlackRock IBIT Dominance in Display
BlackRock’s influence was made visible in the run-up to the approval of the spot Bitcoin ETF product, forcing market analysts to predict the long-term success of the product if approved. Since the greenlight in January, BlackRock has maintained dominance over its peers, driving the steady accumulation of Bitcoin through the embrace of the iShares Bitcoin Trust (IBIT).
Part of the key facts BlackRock released include the Daily Volume and the 30-day average Volume as of March 11, 2024. While the former figure comes in at 74,430,440, the latter was pegged at 44,190,743.
BlackRock’s positioning in the market becomes well appreciated when compared with its closest rival, Fidelity Investment’s Wise Origin Bitcoin (FBTC), whose Net Assets as of March 11 was pegged at $6.4 billion. While this pales in comparison with the $14.76 billion of BlackRock, the variance in total volumes also underscores BlackRock’s dominance.
BlackRock and MicroStrategy
While notably coincidental, there seems to be a subtle competition between BlackRock and MicroStrategy Incorporated. Before the launch of spot Bitcoin ETFs, MicroStrategy was recognized as the largest corporate holder of BTC with about 193,000 BTC at the time.
With the spot Bitcoin ETF launch and the massive embrace BlackRock saw, it started threatening MicroStrategy’s position. With BlackRock’s holdings now pegged at over 203,000, MicroStrategy remains in the lead with 205,000 BTC following the acquisition of 12,000 Bitcoin for $821 million this week.
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