This morning, Bitcoin is maintaining a position slightly over $93,000 per coin, following an almost 11% surge from Its November 22nd low of just over $84,000. This rebound appears to have benefited Michael Saylor’s Strategy Inc., the firm holding Bitcoin reserves, as its stock climbed 3.9% yesterday and has seen a 8.4% increase over the past five trading days. It experienced a slight uptick in overnight trading earlier today.
Despite Strategy's market capitalization ($55.7 billion) still being less than the $60.6 billion in Bitcoin it possesses, its MNAV ratio (which compares enterprise value to its Bitcoin reserves) has climbed to 1.16 as of this morning. Should Strategy's MNAV drop beneath 1, holding the stock transforms into an unprofitable venture and the company said it may be theoretically forced into selling part of its Bitcoin horde.
Saylor might owe its gratitude to BlackRock and its individual investors for steering clear of that predicament. During the fourth quarter of 2025 thus far, BlackRock's Bitcoin exchange-traded fund (ETF) persisted in acquiring Bitcoin while the majority of other funds divested. “BlackRock, which, despite heavy outflows of roughly 23,226 BTC between Nov. 1 and Dec. 1, has still added a net 24,411 BTC compared with the previous quarter,” analyst Paul Hoffman wrote in a research note for BestBrokers.com, a platform that evaluates trading services.
TL;DR
- Bitcoin price is over $93,000, up from a recent low, boosting Strategy Inc. stock.
- BlackRock's Bitcoin ETF acquired significant BTC in Q4, holding nearly 60% of ETF holdings.
- BlackRock's iShares Bitcoin Trust now owns 3.9% of all existing Bitcoin.
- Vanguard will offer its customers another Bitcoin ETF, signaling broader adoption.
BlackRock's iShares Bitcoin Trust (IBIT) currently holds nearly 60% of the total Bitcoins possessed by ETFs, he stated, reaching a sum of 776,474.65 coins by December 1st. Hoffman noted that its Q4 purchases followed the acquisition of an additional 71,236 coins during Q3.
That means BlackRock’s ETF—which retail investors use to buy Bitcoin without actually owning their own crypto wallet—now owns 3.9% of all existing Bitcoin, more than Strategy.
BlackRock did not immediately respond to a request for comment from Coins2Day.
IBIT is now BlackRock’s most profitable product, according to CoinDesk. Perhaps unsurprisingly, BlackRock chief Larry Fink is now fairly bullish on Bitcoin. Speaking at the New York Times’ DealBook conference on Wednesday, he admitted he once thought Bitcoin was for money laundering and thieves. Since then, “my thought process has evolved,” he said.
“I see a big, large use case for Bitcoin, and I still do today,” he said. “In my role, I see thousands of clients a year. I meet with governmental leaders, and we have conversations that evolve my thinking. This is a very public example of a big shift in my opinion.”
Also helping: News that Vanguard, which has long turned its nose up at crypto, will cave and offer its massive customer base another Bitcoin ETF.
Here’s a snapshot of the markets ahead of the opening bell in New York this morning:
- S&P 500 futures were flat this morning. The last session closed up 0.3%.
- STOXX Europe 600 was up 0.3% in early trading.
- The U.K.’s FTSE 100 was up 0.14% in early trading.
- Japan’s Nikkei 225 was up 2.33%.
- China’s CSI 300 was up 0.34%.
- The South Korea KOSPI was down 0.19%.
- India’s NIFTY 50 is up 0.18%.
- Bitcoin was flat at $93K.
