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BlackRock’s Spot Bitcoin ETF Surpasses Grayscale to Become Largest Bitcoin Fund

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has reportedly overtaken the Grayscale Bitcoin Trust (GBTC) to become the largest ETF tracking Bitcoin’s price.

As of May 28, BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows of $102.5 million, while GBTC experienced an outflow of $105 million.

This inflow increased BlackRock’s spot Bitcoin ETF holdings to 288,670 Bitcoin.

In comparison, Grayscale now holds 287,450 Bitcoin, a significant drop from the 620,000 Bitcoin it held at the time of its conversion in January, according to data from HODL15Capital and the Apollo Bitcoin Tracker.

A Bloomberg report on May 29, based on its compiled data, indicated that BlackRock’s fund held $19.68 billion in Bitcoin as of Tuesday, slightly more than Grayscale’s $19.65 billion. Fidelity’s ETF offering was further behind at $11.1 billion.

“There is a new king in the land of Bitcoin ETFs & its BlackRock,” HODL15Capital noted.

Both ETFs launched in January, and since then, BlackRock’s ETF has dominated inflows among all 11 spot Bitcoin ETFs.

Bitcoin’s price rose by 1.1% on the day, reaching $68,550, as reported by CoinMarketCap.

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Regulatory filings reveal that in the first quarter, BlackRock’s income and bond-focused funds acquired shares of its spot Bitcoin ETF.

BlackRock’s Strategic Income Opportunities Fund (BSIIX) invested $3.56 million in the iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) bought $485,000 worth, according to May 28 filings with the Securities and Exchange Commission.

Globally, spot Bitcoin ETFs now hold over one million Bitcoin valued at more than $68 billion, which represents approximately 5.10% of the circulating Bitcoin supply.

Attention is also focused on the potential launch of spot Ether ETFs, which analysts predict could begin trading as early as mid-June.

These ETFs are currently undergoing the S-1 approval process, the final step before they can start trading on their respective stock exchanges.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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