Wall Street is accumulating Bitcoin at a blistering pace. And it might just be the very beginning.
What’s happening:
- Spot Bitcoin ETFs listed on major United States stock exchanges now own more than 100,000 total Bitcoin
By the numbers:
- Bitcoin ETFs now own 100,000 Bitcoin after less than a month of trading following the historic approval from the SEC
- BlackRock’s spot Bitcoin ETF (NASDAQ: IBIT) is leading the way with over 40,000 Bitcoin
- Fidelity’s spot Bitcoin ETF now owns more than 34,000 total Bitcoin
Why it matters:
- Institutional capital beginning to accumulate Bitcoin is one of the largest recent changes to the landscape of digital assets
- The consistent capital inflows to spot Bitcoin ETFs is continued validation that there is significant demand for Bitcoin ownership through traditional public markets
Going deeper:
- Bitcoin ETFs are already outpacing leading publicly traded Bitcoin miners for total Bitcoin ownership, however this is largely due to the fact Bitcoin mining companies consistently sell part of their Bitcoin holdings to fund their operations
The intrigue:
- Michael Saylor’s Microstrategy is still the largest Bitcoin holder of any publicly traded company or Bitcoin ETF, with more than 174,000 Bitcoin currently under ownership
