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Bitcoin ETFs now hold 1 million BTC in custody, worth $70.5 billion
Bitcoin ETFs now hold 1 million BTC in custody, worth $70.5 billion
Bitcoin Exchange Traded Funds (ETFs) have reached a significant milestone, with over 1 million BTC now held in custody by these investment vehicles designed to track the cryptocurrency’s price performance. According to data shared by Michael Saylor, executive chairman of MicroStrategy, on Twitter, more than 30 Bitcoin ETFs collectively held 1,002,343 BTC as of May 24.
The majority of these Bitcoin holdings are held in US Bitcoin spot ETFs, which launched in January. The largest funds, BlackRock’s Grayscale Bitcoin Trust and iShares Bitcoin Trust, each hold about half of the BTC, with 289,040 BTC and 287,168 BTC, respectively. Other notable Bitcoin ETFs include the Fidelity Wise Origin Bitcoin Trust (161,538 BTC), the Ark 21Shares Bitcoin ETF (48,444 BTC), and the Bitwise Bitcoin ETF (36,185 BTC). Internationally, Canada’s Purpose Bitcoin ETF, the first to launch globally, holds 27,110 BTC and remains the largest Bitcoin ETF.
These holdings represent approximately 5% of the total circulating supply of Bitcoin worldwide, currently valued at $70.5 billion. Notably, the BTC held by ETFs is nearly five times larger than Saylor’s personal stash of 214,400 BTC ($15 billion).
Bitcoin ETFs provide investors with exposure to Bitcoin through the familiar ETF structure, allowing them to include the asset alongside other securities within retirement or tax-advantaged accounts. These ETFs also allow large institutions to gain exposure to Bitcoin. First-quarter data revealed that more than 20% of U.S. Bitcoin spot ETF exposure was held by large investors and institutions with total assets exceeding $100 million. This includes hedge funds, banks, and even the state of Wisconsin pension fund.