BlackRock’s Bitcoin ETF Surpasses Grayscale’s GBTC to Become the

Ruholamin Haqshanas

Last updated:

May 29, 2024 05:29 EDT

| 2 min read

BlackRock’s iShares Bitcoin Trust has taken the lead as the world’s largest fund for Bitcoin, accumulating nearly $20 billion in total assets since its listing in the United States earlier this year.

According to data compiled by HODL15Capital, the exchange-traded fund held $19.68 billion worth of Bitcoin on Tuesday, surpassing Grayscale Bitcoin Trust’s $19.65 billion.

Fidelity Investments holds the third-largest spot with an $11.1 billion offering.

The launch of BlackRock’s Bitcoin ETF, along with Fidelity’s, was part of a group of nine funds that debuted on January 11, coinciding with Grayscale’s conversion into an ETF.

The approval of spot Bitcoin ETFs marked a significant milestone for the crypto industry, making Bitcoin more accessible to investors and sparking a rally that saw the token reach a record high of $73,798 by March.

BlackRock’s ETF Continues to See Highest Inflow.

Since its launch, the iShares Bitcoin Trust has attracted the highest inflow, totaling $16.5 billion, while investors have withdrawn $17.7 billion from the Grayscale fund during the same period.

Possible factors contributing to the outflows from Grayscale include higher fees and exits by arbitragers.

Notably, Grayscale has expressed its intention to launch a clone of its main fund, which is expected to have lower fees, according to a March regulatory filing.

The Securities and Exchange Commission (SEC) approved the first US spot-Bitcoin ETFs in January following a court reversal in 2023 in a case brought by Grayscale.

Grayscale had originally created the Grayscale Bitcoin Trust in 2013, which became widely recognized as the largest vehicle of its kind.

However, trading of shares in the closed-ended product often deviated significantly from its net asset value, prompting Grayscale’s push for conversion into an ETF to ensure trading at par.

Bitcoin ETFs Among Most Successful Funds in History.

The group of Bitcoin funds, with a total of $58.5 billion in assets to date, has been hailed as one of the most successful new categories of ETFs.

However, critics argue that volatile digital assets may not be suitable for widespread adoption, even within the structure of ETFs.

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