BlackRock's Bitcoin ETF Surpasses Grayscale, Becomes The World's Largest Bitcoin-Tracked Fund
Summary:
BlackRock's Bitcoin exchange-traded fund (ETF), known as IBIT, has reportedly surpassed Grayscale Bitcoin Trust (GBTC) as the world's largest fund tracking Bitcoin's price. At the end of trading on May 28, IBIT recorded $102.5 million in inflows while GBTC registered $105 million in outflows, according to HODL15Capital. This has led IBIT to hold a total of 288,670 Bitcoins compared to Grayscale's 287,450 Bitcoins. BlackRock's income and bond-focused funds have bought shares of IBIT in the first quarter, leading to today's global holding of over one million Bitcoins, worth over $68 billion. Markets are keenly watching for the potential mid-June launch of spot Ether (ETH) ETFs.
BlackRock's Bitcoin exchange-traded fund (ETF) has reportedly overtaken Grayscale Bitcoin Trust (GBTC) as the world's premier ETF that follows the price of Bitcoin. At the close of May 28's trading activities, BlackRock's iShares Bitcoin Trust, also known as IBIT, witnessed an inflow of $102.5 million, while GBTC marked a $105 million outflow, according to HODL15Capital. This inflow has apparently elevated BlackRock's spot Bitcoin ETF to holding a total of 288,670 Bitcoins (BTC), over Grayscale's 287,450 Bitcoins, which had started with 620,000 Bitcoins when it converted in January, as per the data from Apollo Bitcoin Tracker and HODL15Capital.
Bloomberg reported on May 29, using its own compiled data, that the fund had $19.68 billion worth of Bitcoin as of Tuesday, in comparison to Grayscale’s $19.65 billion. However, Fidelity's ETF offering fell behind with $11.1 billion. Both ETFs launched simultaneously in January, and since then, BlackRock’s ETF has accounted for the majority of inflows across all 11 spot Bitcoin ETFs present. As per CoinMarketCap, Bitcoin has seen a 1.1% surge on the day and currently costs $68,550.
Recent regulatory filings demonstrate that in the first quarter, BlackRock’s income and bond-oriented funds purchased shares of its spot Bitcoin ETF. According to filings from the Securities and Exchange Commission on May 28, the Strategic Income Opportunities Fund (BSIIX) of BlackRock secured $3.56 million worth of iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) bought $485,000 worth of shares. Spot Bitcoin ETFs globally now possess over a million Bitcoins valued at over $68 billion, corresponding to almost 5.10% of the total Bitcoin circulating supply.
Speculators are currently keenly awaiting the potential introduction of spot Ether (ETH) ETFs, which, according to analysts, could initiate as early as mid-June. The ETFs are undergoing an S-1 approval process, the last necessary barrier before they can commence trading on their designated stock exchanges.
Published At
5/29/2024 9:30:44 AM
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