Two U.S. Spot Bitcoin ETFs Overtake MicroStrategy as Largest Corporate Holders of the Digital Asset

This comes as another ETF catches up to MicroStrategy, once king of the $BTC holders in the corporate world.

Two U.S. spot Bitcoin exchange-traded funds (ETFs) have overtaken MicroStrategy as the largest corporate holders of the world's top digital asset by market cap, over six months since launching. This comes as another ETF catches up to MicroBlackRock's IBIT has become the most popular U.S. spot Bitcoin ETF since launching in January. A chart posted Sunday night by well-followed analysis account @HODL15Capital showed that IBIT now holds 316,284 BTC (around $19.8 billion at current prices).

Largest Corporate #Bitcoin HODLers as of 7/12/24

$IBIT $GBTC $MSTR $FBTC $ARKB $BITB $MARA $HODL $TSLA $COIN $HUT $BRRR $SQ $CLSK

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March 12, 2024

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Among retail traders, Grayscale's GBTC was not a very popular choice due to its high management fee, but it has gradually gained traction among institutional investors in recent months. Both IBIT and GBTC now hold more Bitcoin than MicroStrategy, which was once the world's largest corporate holder of the digital asset, at least among public companies.

After offering senior notes to snap up more tokens last month, Michael Saylor's company now holds 226,331 BTC.

Micro losing Top 3 spot?

So far, Micro is comfortably sitting on the third spot in the ranks. However, Fidelity's FBTC is fast catching up, with 176,992 BTC holdings. Tether, the company behind the world's largest stablecoin, USDT, has 75,354, and ARK 21Share's AKRB holds 47,764 Bitcoins.

Even though U.S.-listed spot Bitcoin ETFs have already seen around $15 billion in net new assets since going live, Bitwise CIO Matt Hougan believes they are "just getting started." If his prediction turns out to be true, Micro may soon lose its Top 3 position to FBTC and other Bitcoin ETFs.

U.S.-listed $BTC ETFs saw a stellar $310.1 million positive flow on Friday, marking its sixth consecutive day of positive net flows, as per data from London-based investment management company Farside Investors. As with earlier days in the week, IBIT led the pack, hauling in $120 million, followed by FBTC, with $115.1 million accumulated.

Laying low to regroup

Before last week's rally, BTC ETFs saw significant outflows that raised questions about the stability and longevity of the funds. However, when prices fell below $55,000 amid the German government's selloffs of its seized Bitcoin stash, the funds moved to buy the dip.

As of Saturday, the global spot Bitcoin ETF industry holds 1,051,569 BTC. While U.S. funds still account for most of total holdings, global ETFs such as the Canadian Purpose Bitcoin ETF and German BTCE are steadily stacking up.

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