Exchange traded funds (ETFs), governments and MicroStrategy (MSTR) own nearly a third of all known Bitcoin (BTC) holdings.

The 31% of known BTC holdings owned by ETFs, governments and MicroStrategy represents a 14% increase from December 2023, according to Ki Young Ju, founder and chief executive of digital asset analytics firm CryptoQuant.

“Bitcoin Cap Table Update: ETFs, Governments and MSTR now account for 31% of all known Bitcoin holdings, up from 14% last year.”

Young Ju also discussed the importance of MicroStrategy’s BTC holdings.

“Different forms of money require different gateways.

Bitcoiners should recognize MSTR as a gateway that connects Nasdaq-100 money to Bitcoin.

I don’t understand why some Bitcoiners don’t like MSTR. They may express concerns about self-custody, but very few people actually practice self-custody – just as few care about data breaches. MSTR’s Bitcoin banking model fits well with current adoption levels.

If the gateway’s active fund management makes it possible to acquire a significant amount of Bitcoin with relatively little capital, that is the success of a Bitcoin bank.

Of course, there is always the risk of failure, so you should look at it like entrusting funds to a bank with the goal of gaining more Bitcoin by using Bitcoin itself as a form of money.”

Bitcoin is trading at $93,895 at the time of writing. The highest valued crypto asset by market capitalization has fallen by almost 2% in the last 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Don White – Art Dreamer/Vladimir Sazonov