Bitcoin Reaches New All-Time High at $112,000
Bitcoin surged to a new all-time high of $112,000 on July 2, extending a steady uptrend that began on June 22 when BTC was trading near $98,000. The milestone reflects renewed institutional confidence and a favorable macroeconomic backdrop.
BlackRock's IBIT ETF Outperforms S&P 500 ETF in Fee Revenue
Coinciding with Bitcoin's ATH, BlackRock's iShares Bitcoin Trust (IBIT) closed at a record $63.58. IBIT now holds over 700,000 BTC, representing roughly 3.33% of the total Bitcoin supply. According to Bloomberg, the $75 billion ETF — barely 18 months old — generates an estimated $187.2 million in annual fee revenue, surpassing the $187.1 million earned by BlackRock's S&P 500 ETF (IVV). This underscores the enormous fee-earning potential of crypto-based ETFs.
El Salvador's Bitcoin Strategy Yields $400 Million Unrealized Profit
El Salvador, the first nation to adopt Bitcoin as a treasury asset, now holds 6,232 BTC. Following today's ATH, its Bitcoin reserves have generated $400 million in unrealized gains. President Nayib Bukele announced on November 16, 2022, that the country would buy 1 BTC per day "until Bitcoin becomes unaffordable with fiat currencies." This consistent accumulation has paid off handsomely.
Corporate Demand Surges: UK and US Firms Increase Bitcoin Holdings
The price rally also reflects rising corporate demand. Earlier this month, UK-based The Smarter Web Company expanded its BTC holdings to 1,000 BTC. Multiple Nasdaq-listed US tech firms have similarly converted a portion of their cash reserves into Bitcoin. CEO Andrew Webley stated: "I am looking forward to working with our advisors on evaluating the effectiveness and perhaps we can then inspire other UK companies to adapt a similar mechanism, as we have seen with our pioneering approach to treasury management using Bitcoin."
Last month, MicroStrategy Executive Chairman Michael Saylor said in a Bloomberg interview: "Winter is not coming back. We are past that phase. If Bitcoin is not going to zero, it is going to $1 million. The President of the United States is determined. He supports Bitcoin, the cabinet supports Bitcoin, Scott Bessent supports Bitcoin, Paul Atkins has shown himself to be an enthusiastic believer of Bitcoin and digital assets… Bitcoin has gotten through its riskiest period."