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Michael Saylor Reveals Bitcoin ETFs Hold 1 Million BTC
Tomiwabold Olajide
Bitcoin ETFs have accumulated more than 1 million BTC, marking a huge achievement in the cryptocurrency market
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Michael Saylor, president of MicroStrategy and a leading Bitcoin supporter, drew attention to a remarkable milestone achieved by Bitcoin Exchange Traded Funds (ETFs). Second Saylor34 Spot Bitcoin ETFs now hold over one million BTC, or 1,031,973 BTC.
Bitcoin ETFs have accumulated more than one million BTC, marking a huge achievement in the cryptocurrency market. ETFs are exchange-traded investment funds and offer investors a way to gain exposure to Bitcoin without directly holding the cryptocurrency. This milestone indicates that both institutional and retail investors are increasingly turning to Bitcoin ETFs.
Bitcoin funds from the likes of BlackRock and Fidelity Investments are among some of the most successful debuts in the history of the ETF industry. They took Wall Street by storm, shifting the cryptocurrency’s center of gravity from Asia to the United States.
BlackRock’s $21.4 billion-plus iShares Bitcoin Trust recently became the world’s largest Bitcoin fund, surpassing Grayscale’s $20.1 billion Bitcoin fund. In third place is the $12.3 billion Fidelity Wise Origin Bitcoin Fund.
Saylor’s company, MicroStrategy, has made headlines for its aggressive accumulation of Bitcoin, owning 214,400 Bitcoin as of May 1, 2024.
Last week, U.S. ETFs that invest directly in Bitcoin reported net inflows for the 19th consecutive day, a surge in demand that helped push the largest digital currency to a new high. On June 7, the 11 Bitcoin ETFs garnered inflows of $131 million.
Bitcoin lost ground after a report showed U.S. job growth picked up in May, while the unemployment rate rose unexpectedly, giving a mixed picture of the labor market. As of this writing, Bitcoin remained virtually unchanged, having risen 0.04% in the previous 24 hours to $69,315.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.