BlackRock and MicroStrategy in Neck and Neck Race As Firms Bitcoin Holdings Soar to Over $29,170,000,000 in BTC

MicroStrategy continues to gobble up Bitcoin (BTC) as the top crypto asset soars to new all-time highs.

The business intelligence firm recently used proceeds from convertible notes and excess cash to buy an additional 12,000 BTC for $821.7 million (at an average price of approximately $68,477 per Bitcoin), according to Michael Saylor, the company’s co-founder and executive chairman.

MicroStrategy now owns 205,000 Bitcoin, which it acquired at an average price of $33,706 per BTC. That trove is now worth more than $14.8 billion, a more than 114% increase from the $6.91 billion the company spent on the BTC.

Saylor’s firm is not the only entity stacking Bitcoin: BlackRock’s newly approved spot Bitcoin exchange-traded fund, the iShares Bitcoin Trust (IBIT), has accumulated a total of 197,943.2 BTC worth more than $14.37 billion, according to BitMEX Research.

A recently amended prospectus filed with the U.S. Securities and Exchange Commission (SEC) indicates BlackRock wants to include spot market BTC ETF exposure in a proposed in-house investment fund.

Bitcoin is trading at $72,123 at time of writing. The top-ranked crypto asset by market cap is up nearly 5% in the past 24 hours and more than 63% since the start of 2024. BTC also set a new all-time high of $72,710.68 at one point on Monday afternoon, according to CoinGecko.

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This article was originally reported on The Daily Hodl.