BitMEX data indicates that BlackRock’s IBIT currently holds more Bitcoin than MicroStrategy, with close to 198,000 units.

The amount of Bitcoin held by BlackRock’s spot exchange-traded fund (ETF) has surpassed that of MicroStrategy.

BitMEX Research data shows that as of March 8, almost 40 trading sessions after the Securities and Exchange Commission approved nine new funds on January 10, BlackRock’s IBIT held 197,943 Bitcoin, valued at approximately $13.5 billion.

The recently introduced Bitcoin ETFs, excluding Grayscale’s GBTC, now contain assets worth a combined $28 billion as institutional demand keeps pushing the coin’s price higher. On March 8, the cost of Bitcoin surpassed $70,000 for the first time.

According to reports on X (previously Twitter), over-the-counter (OTC) trading platforms are running out of Bitcoin and resorting to public exchanges to fulfill orders. OTC desks usually cater to institutional investors and other large-volume dealers.

Technology company MicroStrategy has amassed a portfolio of 193,000 BTC as part of its corporate treasury strategy despite not being an ETF issuer. The software corporation finances operations and investments through debt as a leveraged operating strategy.

MicroStrategy is intensifying its approach to Bitcoin. The business recently revealed intentions to launch a debt offering to obtain more than $600 million to bolster its Bitcoin holdings.

MicroStrategy (MSTR) shares were dubbed a “leveraged Bitcoin ETF” due to their strategy of focusing solely on Bitcoin. Thus far, the strategy has proven successful. Over the past year, MSTR has increased by 642%, far surpassing Bitcoin’s 244% increase during the same time frame.

Michael Saylor, CEO of MicroStrategy, has no intention of selling the company’s Bitcoin holdings. “I’ll always be purchasing the top. Saylor stated, “Bitcoin is the exit strategy,” in an interview with Bloomberg on February 20.

Even though the market capitalizations of gold, the S&P 500, and real estate are far more than those of Bitcoin, the CEO claims that the cryptocurrency is “technically superior” to these three asset classes.

In terms of technology, Bitcoin is better than those asset types. Given this, there is simply no justification for buying the losers and selling the winners.