BlackRock's Bitcoin ETF has outperformed MicroStrategy's holdings in the cryptocurrency.
BitMEX Research data shows that BlackRock's IBIT holds 197,943 BTC, worth more than $13.5 billion as of March 8, after the SEC approved nine new funds last month.
Excluding Grayscale's GBTC, Bitcoin ETFs collectively hold $28 billion in assets, as demand from institutional investors continues to drive the crypto's price higher. On March 8, the price of Bitcoin surpassed $70,000 for the first time.
Notably, over-the-counter (OTC) trading platforms are facing a shortage of Bitcoin and are turning to public exchanges to fill orders. Institutional investors, who typically trade large volumes, are often served by OTC desks.
Although not an ETF issuer, tech firm MicroStrategy has amassed a 193,000 BTC portfolio as part of its strategy to buy the cryptocurrency.