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More than a million BTC are now held by Bitcoin exchange-traded funds (ETFs) designed to track price movements of the asset.
More than 30 Bitcoin ETFs collectively held 1,002,343 BTC as of May 24, chart shows posted on Twitter Monday by MicroStrategy Executive Chairman Michael Saylor. The data was verified by Decrypt based on public reports and corroborated by Coinglass Bitcoin ETF Dashboard.
The holdings represent approximately 5% of the world’s circulating supply of BTC and are currently worth $70.5 billion in total. They are also nearly five times larger than Saylor’s Bitcoin stash, which currently weighs 214,400 BTC ($15 billion).
Most of this Bitcoin is held in US Bitcoin spot ETFs that went live in January, shattering all previous ETF launch performance records. More than half are split equally between the world’s largest funds: the Grayscale Bitcoin Trust (289,040 BTC) and BlackRock’s iShares Bitcoin Trust (287,168 BTC).
The next largest funds include the second largest US fund Fidelity Wise Origin Bitcoin Trust (161,538 BTC), Ark 21Shares Bitcoin ETF (48,444 BTC), and Bitwise Bitcoin ETF (36,185 BTC). Internationally, the largest Bitcoin ETF remains Canada’s Bitcoin Purpose ETF, the first in the world to launch, holding 27,110 BTC.
Bitcoin ETFs allow investors to gain exposure to Bitcoin through familiar ETF packaging, including the asset among other securities within a retirement or other tax-advantaged account. They also provide a way for large institutions to gain exposure where they would otherwise be prohibited from purchasing coins directly from a crypto exchange.
Q1 figures showed that more than 20% of US spot Bitcoin ETF exposure was held by large investors and institutions with total assets of more than $100 million. This includes large hedge funds, banksand even the Wisconsin State Pension Fund.
“I think in the long term it could represent between one and five percent of the US ETF market, which is a $7 trillion market,” said Matt Hougan, CIO of Bitwise, in an interview earlier this month. “I think it’s a several hundred billion dollar addressable market in the United States alone.”
Edited by Ryan Ozawa.
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