Over 30 Bitcoin Spot ETFs Collectively Hold 1M BTC: Michael Saylor

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Sujha Sundararajan

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Sujha Sundararajan

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May 28, 2024 03:38 EDT

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MicroStrategy head and Bitcoin advocate Michael Saylor has highlighted major Bitcoin ETF milestone in his recent X (Twitter) post. He noted that more than 1 million (or 1 Nakamoto) BTC are held in spot Bitcoin exchange-traded funds (ETFs).

“32 Bitcoin spot ETFs now hold 1 Nakamoto of BTC,” his post read.

32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC pic.twitter.com/OpHridlymc

— Michael Saylor⚡️ (@saylor) May 27, 2024

This significant growth comes just months after the US Securities and Exchange Commission (SEC) approved Bitcoin ETFs in January.

Per a chart posted by Michael Saylor, most of the Bitcoin are held by Bitcoin spot ETFs in the US. Further, the data shows that two of the world’s largest funds – Grayscale Bitcoin Trust and BlackRock’s iShares Bitcoin Trust split evenly with 289,040 BTC and 287,168 BTC respectively.

The collectively owned 1,002,343 BTC represent 5% of the circulating Bitcoin supply and it is worth a total of $67.9 billion at press time.

Fidelity WiseOrigin Bitcoin Trust comes next, holding 161,538 BTC, followed by the Ark 21Shares Bitcoin ETF with 48,444 BTC stash.

Apart from the United States, Canadian Purpose Bitcoin ETF holds 27,110 BTC.

Michael Saylor and MicroStrategy, the world’s largest corporate holder of Bitcoin, now holds 214,400 BTC worth $14.58 billion on its balance sheet, per recent data. This figure is roughly corroborated by saylortracker.com, which tracks the performance of MicroStrategy’s Bitcoin investment.

Bitcoin ETFs Gain Traction: Investor Confidence Grows

The Bitcoin spot ETF market is continuing its resurgence, even after the recent approval of Ethereum ETFs by the SEC. The milestone of reaching ‘1 Nakamoto’ underpins the increasing influence of Bitcoin ETFs and the growing institutional adoption.

Michael Saylor also recently voiced in support of Ethereum ETF approval, which he said are “good for Bitcoin.” During an interview, Saylor said, “there’s a lot of things that will be considered in a more open light, and Bitcoin will be the leader of the crypto asset class”