Black Rock Spot Bitcoin ExchangeThe iShares Bitcoin Trust (IBIT), an exchange-traded fund (ETF), has overtaken Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin ETF.
As of May 28, IBIT holds more than $20 billion in assets and 288,670 Bitcoin in trust, surpassing GBTC’s $19.7 billion in assets and 287,450 Bitcoin.
Latest Update: Black Rock Spots #Bitcoin ETF $IBIT It will overtake GBTC as the world’s largest Bitcoin ETF. pic.twitter.com/b9hgfZLmY7
— Bitcoin Magazine (@BitcoinMagazine) May 29, 2024
The reversal of fortune comes just months after both ETFs were launched simultaneously in January. SEC-Approved Bitcoin ETF Enter the market. While GBTC has seen outflows, IBIT has seen steady inflows and is now the dominant player.
Grayscale has been experiencing accelerated outflows as investors move money into BlackRock and other ETFs. Spot Bitcoin The GBTC product was less popular due to its high fees. On Tuesday alone, GBTC made $105 million in sales profits, while IBIT made more than $100 million in profits.
IBIT’s rise has seen it surpass the $11 billion Fidelity Bitcoin ETF to take the top spot, and its rapid growth to over $20 billion in assets has made IBIT one of the fastest-growing ETFs in history.
BlackRock added IBIT to its Strategic Income and Strategic Global Bond funds this week, further confirming institutional demand, and the asset manager now holds shares of the Bitcoin ETF across several of its flagship funds.
As Bitcoin adoption grows, asset managers like BlackRock are gearing up to meet surging institutional demand, and the SEC’s approval of a Bitcoin ETF would open the door for banks, hedge funds and other players to get involved.
BlackRock’s emergence as the largest Bitcoin ETF issuer signals Bitcoin’s growing acceptance among traditional financial institutions, which are increasingly recognizing the value of giving their clients access to exposure to digital assets.
