BlackRock's Bitcoin ETF Outpaces Grayscale, Becoming World's Largest
Summary:
BlackRock's iShares Bitcoin Trust (IBIT) has reportedly become the biggest bitcoin exchange-traded fund (ETF), surpassing Grayscale Bitcoin Trust (GBTC). As of May 28, IBIT accounted for $102.5 million inflows against GBTC's $105 million outflows, making BlackRock's total holdings 288,670 BTC, slightly more than Grayscale's 287,450. BlackRock's income and bond-focused funds have also purchased IBIT shares in the first quarter. The firm has largely dominated bitcoin ETF inflows since both IBIT and GBTC launched in January. Analysts are vigilantly observing the potential launch of spot Ether (ETH) ETFs, expected around mid-June.
BlackRock's Bitcoin exchange-traded fund (ETF) has reportedly overtaken the Grayscale Bitcoin Trust (GBTC) to become the world's most significant ETF monitoring Bitcoin's value. As of the end of trading on May 28, BlackRock's iShares Bitcoin Trust, also known as IBIT, marked an inflow of $102.5 million. In contrast, GBTC reported a $105 million outflow, according to HODL15Capital data. This increase led BlackRock's spot Bitcoin ETF to amass a total of 288,670 Bitcoin (BTC), slightly more than Grayscale's current holding of 287,450 Bitcoin. Initially, Grayscale held 620,000 Bitcoin at the time of its conversion last January.
Bloomberg reported on May 29 that BlackRock's fund held Bitcoin assets worth $19.68 billion on Tuesday. In comparison, Grayscale possessed $19.65 billion in Bitcoin, while Fidelity lagged at $11.1 billion. Focusing on global Bitcoin ETFs, HODL15Capital stated: "A new dominator has arisen in the realm of Bitcoin ETFs, BlackRock."
Both ETFs launched simultaneously in January. Since then, the heftier segment of the inflow across all 11 spot Bitcoin ETFs originated from BlackRock’s ETF. Bitcoin's current price is at $68,550, demonstrating an increase of 1.1% for the day, as CoinMarketCap data indicates.
In addition, recent regulatory filings disclose that BlackRock’s income and bond-focused funds purchased shares of its spot Bitcoin ETF in the first quarter of this year. Reportedly, BlackRock’s Strategic Income Opportunities Fund (BSIIX) acquired the iShares Bitcoin Trust (IBIT) worth $3.56 million, while its Strategic Global Bond Fund (MAWIX) invested $485,000.
With an accumulation of over one million Bitcoins valued over $68 billion globally, Spot Bitcoin ETFs currently account for roughly 5.10% of Bitcoin's available stock. The prospective launch of spot Ether (ETH) ETFs is currently a topic of considerable interest, potentially starting as early as mid-June. Those ETFs are navigating through an S-1 permission procedure, the ultimate barrier before they can commence trading on their respective stock exchanges.
Published At
5/29/2024 9:30:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.