Bitcoin exchange-traded funds (ETFs) have reached a major milestone: more than 1 million BTC are now held in custody by these investment vehicles designed to track the cryptocurrency’s price performance. According to data shared by MicroStrategy Executive Chairman Michael Saylor on Twitter, as of May 24, more than 30 Bitcoin ETFs collectively own 1,002,343 BTC.
The majority of these Bitcoin investments are held in the US Bitcoin spot ETFs, which launched in January. The largest funds, the Grayscale Bitcoin Trust and BlackRock’s iShares Bitcoin Trust, each own about half of the BTC, with 289,040 BTC and 287,168 BTC respectively. Other major 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 almost five times the size of Saylor’s personal Bitcoin stash, which stands at 214,400 BTC ($15 billion).
Bitcoin ETFs provide investors with exposure to Bitcoin through the familiar ETF structure, allowing them to include the asset along with other securities in retirement or tax-advantaged accounts. These ETFs also allow large institutions to gain exposure to Bitcoin. First quarter reporting data showed that over 20% of exposure to US spot Bitcoin ETFs 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.
