BlackRock's Bitcoin ETF and MicroStrategy's Bitcoin Strategy: Insights from Leading Experts
Eric Balchunas, a senior ETF analyst at Bloomberg, has shared insights on BlackRock's spot Bitcoin ETF, IBIT, suggesting it is unlikely to surpass the SPDR S&P 500 ETF Trust (SPY) or Vanguard S&P 500 ETF (VOO). Despite IBIT reaching $50 billion in assets under management in its first year, Balchunas emphasizes the need for significant adoption and a break from its correlation with the stock market. As of February 17, IBIT holds 587,050 Bitcoin.
Meanwhile, Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), announced that the company did not sell any stock or purchase additional Bitcoin last week. Strategy currently holds 478,740 Bitcoins, acquired for $31.1 billion at an average price of $65,033 per Bitcoin. Saylor has reaffirmed the company's commitment to its Bitcoin strategy, adopted in August 2020, and recently shared 21 Bitcoin rules, advising investors to only buy Bitcoin with disposable funds and to avoid selling.
These developments highlight the evolving landscape of Bitcoin investment vehicles and corporate strategies, offering valuable insights for investors and market watchers.
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