BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed GBTC from Grayscale in assets under management (AUM). With a figure of $19.68 billion, the Wall Street giant’s instrument has become the largest in the segment.
By the end of trading on May 28, IBIT gained $103 million, while GBTC recorded an outflow of $105 million. The total net inflow into American spot Bitcoin ETFs amounted to $45.14 million.
It took BlackRock’s fund 96 days to overtake the previous leader. According to HODL15Capital, at the launch of the products in January, IBIT managed 2621 BTC, and currently, it holds 288,670 BTC.
✅ Ladies & Gentlemen!! The Bitcoin ETF flippening ?@BlackRock ‘s Bitcoin ETF, $IBIT overtook @Grayscale ‘s $GBTC pic.twitter.com/EJI0aAPim9
— HODL15Capital ?? (@HODL15Capital) May 29, 2024
Meanwhile, Grayscale’s AUM decreased from 619,200 BTC to 287,450 BTC.
“A new king of Bitcoin ETFs has emerged, and it is BlackRock,” wrote HODL15Capital.
Recent reports showed that in the first quarter, some other BlackRock funds added the company’s ETF to their portfolios.
According to documents for the SEC dated May 28, BlackRock’s Strategic Income Opportunities Fund (BSIIX) acquired IBIT worth $3.56 million, while the Strategic Global Bond Fund (MAWIX) made a purchase of $485,000.
Both instruments are managed by the stock giant’s global fixed income chief investment officer, Rick Rieder.
Since the start of trading spot exchange-traded funds based on Bitcoin, the asset has grown by approximately 47%. At the time of writing, the price of the first cryptocurrency is $67,900.
Previously, MicroStrategy founder Michael Saylor noted that 32 exchange-traded funds based on various digital assets have accumulated over 1 million BTC under management. This accounts for about 5% of the total Bitcoin supply.
On May 23, the SEC approved 19b-4 applications from issuers of spot exchange-traded funds based on Ethereum.
Standard Chartered’s head of research, Geoffrey Kendrick, predicted a new phase for crypto ETFs in 2025. In his view, SOL and XRP are next in line.