Michael Saylor, the head of MicroStrategy and a prominent supporter of Bitcoin, recently highlighted a major achievement in the realm of Bitcoin exchange-traded funds (ETFs). Saylor revealed that there are currently 34 Spot Bitcoin ETFs collectively holding an impressive total of over one million BTC, precisely 1.031.973 BTC.
This development marks a significant moment in the cryptocurrency market as ETFs have become a popular choice for investors seeking exposure to Bitcoin without directly owning the digital asset. Interest in Bitcoin ETFs has been steadily increasing among both institutional and retail investors, with notable funds from BlackRock and Fidelity Investments standing out as successful players in the ETF space.
Among these, BlackRock’s iShares Bitcoin Trust has surpassed Grayscale’s Bitcoin fund to become the largest in the world with over US$21.4 billion in assets under management. Following closely behind is the Fidelity Wise Origin Bitcoin Fund, managing US$12.3 billion.
MicroStrategy, Saylor’s own company, has also made headlines for its aggressive accumulation of Bitcoin, amassing 214,400 Bitcoins by early May 2024. Recent reports indicate that US Bitcoin ETFs focusing on direct investments in the cryptocurrency have seen net inflows for 19 consecutive days, driving up demand and pushing the price of Bitcoin to new highs.
As of the latest data, the price of BTC is quoted at US$69,422.07, showing a slight decrease of 0.5% in the past 24 hours.
Please note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries risks of financial loss.
In another exciting development, Thailand has approved its first spot Bitcoin ETF, further underlining the growing popularity of Bitcoin ETFs globally with a record $887 million in inflows.