Exchange-traded funds (ETFs), governments, and MicroStrategy (MSTR) collectively hold nearly one-third of all known Bitcoin (BTC) holdings.
According to Ki Young Ju, the founder and CEO of digital asset analytics firm CryptoQuant, the 31% share of known BTC holdings owned by ETFs, governments, and MicroStrategy represents a 14% increase from December 2023.

Ki Young Ju also emphasized the significance of MicroStrategy’s BTC holdings, stating:
“Different forms of money require distinct gateways. Bitcoiners should recognize MSTR as a gateway bridging Nasdaq-100 money to Bitcoin. I don’t understand why some Bitcoiners dislike MSTR. They might raise concerns about self-custody, but very few people actually practice self-custody — just as only a few care about privacy breaches. MSTR’s Bitcoin bank model aligns well with the current adoption level. If the gateway’s active fund management enables the acquisition of a significant amount of Bitcoin with relatively little capital, that marks the success of a Bitcoin bank. Of course, there is always the risk of failure, so one should view it as entrusting funds to a bank with the goal of gaining more Bitcoin, using Bitcoin itself as the form of money.”

At the time of writing, Bitcoin is trading at $93,895, down nearly 2% in the past 24 hours. The top-ranked crypto asset by market cap continues to fluctuate.

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