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The launch of U.S. bitcoin exchange-traded funds on Jan. 11, 2024, has become one of the year’s most significant financial events. These ETFs, including the BlackRock iShares Bitcoin Trust (IBIT), have collectively attracted $17.7 billion in net inflows since their debut, according to Farside data. IBIT, to some, has emerged as a competitor to MicroStrategy (MSTR), a company renowned for its substantial bitcoin holdings and dual business model. Led by Executive Chairman Michael Saylor, MicroStrategy currently holds 252,220 bitcoins, valued at approximately $16 billion. Year-to-date, MicroStrategy’s stock has risen 119% compared to IBIT’s 35%, reflecting a more than threefold outperformance.