BlackRock’s spot Bitcoin exchange-traded fund has reportedly surpassed the Grayscale Bitcoin Trust (GBTC) as the world’s largest exchange-traded fund tracking the price of Bitcoin.

As of the end of trading on May 28, BlackRock’s iShares Bitcoin Trust, known as IBIT, recorded $102.5 million in inflows, while GBTC registered a $105 million outflow.

The inflow is reported to have brought BlackRock’s spot Bitcoin ETF to a total of 288,670 Bitcoin held, compared to Grayscale, which now holds 287,450 Bitcoin, despite beginning at 620,000 Bitcoin at the time of its conversion in January, according to data from HODL15Capital and the Apollo Bitcoin Tracker. 

A May 29 report from Bloomberg, citing its own compiled data, said the fund held $19.68 billion of Bitcoin as of Tuesday, while Grayscale held $19.65 billion. Fidelity’s ETF offering trailed at $11.1 billion.

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

Both ETFs launched on the same day in January, and BlackRock’s ETF has since accounted for the lion’s share of inflows across all 11 spot Bitcoin ETFs.

Bitcoin is up 1.1% on the day, at a current price of $68,550, according to data from CoinMarketCap.

Recent regulatory filings show that BlackRock’s income and bond-focused funds bought shares of its spot Bitcoin exchange-traded fund (ETF) in the first quarter.

BlackRock’s Strategic Income Opportunities Fund (BSIIX) snapped up $3.56 million worth of the iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) made a $485,000 purchase, according to May 28 Securities and Exchange Commission filings.

Spot Bitcoin ETFs globally now hold over one million Bitcoin worth over $68 billion, equating to nearly 5.10% of the Bitcoin circulating supply.

Meanwhile, all eyes are peeled on the potential launch of spot Ether ETFs, which analysts tip could launch as early as mid-June.

The ETFs are undergoing an S-1 approval process, the final hurdle required before they can begin trading on their respective stock exchanges. 

Source : Cointelegraph / May 29, 2024