BlackRock’s Spot bitcoin exchangeiShares Bitcoin Trust, a publicly traded fund (ETF), has surpassed Grayscale Bitcoin Trust’s (GBTC), as the largest Bitcoin ETF in the world.
IBIT has over 20 billion dollars in assets and 288,670 Bitcoins in its trust as of May 28. The IBIT assets are more than double the $19.7 Billion and 288,670 bitcoin held by GBTC.
JUST IN: BlackRock's spot #Bitcoin ETF $IBIT GBTC is the largest Bitcoin ETF worldwide. pic.twitter.com/b9hgfZLmY7
— Bitcoin Magazine (@BitcoinMagazine) May 29, 2024
This dramatic change in fortunes came just months after the ETFs were launched simultaneously on January 1st amid a massive wave. SEC-approved bitcoin ETFs The market is booming. IBIT has been a dominant player in the industry, despite GBTC’s losses.
Grayscale’s outflows have accelerated as investors switch over to BlackRock ETFs, among other options. spot bitcoin Its high prices are a deterrent to many consumers. GBTC made $105 millions on Tuesday, while IBIT earned over $100.
IBIT’s rapid rise also takes the #1 spot from the Fidelity Bitcoin Exchange Traded Fund, which has assets of $11 billion. The rapid rise of IBIT to more than $20 billion assets makes it among the fastest-growing ETFs.
BlackRock added IBIT this week to their Strategic Income and Strategic Global Bond Funds, further validating the demand from institutions. BlackRock now has shares of the Bitcoin ETF in several funds.
Asset managers, like BlackRock, are preparing to respond to the growing institutional demand for Bitcoin. SEC approval of Bitcoin ETFs provided an easy entry point for banks, hedge fund and other institutions.
BlackRock’s evolution to the world’s largest Bitcoin ETF is a sign of how mainstream finance has begun accepting Bitcoin. Firms of the past are increasingly offering their clients exposure to digital assets.
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Source: bitcoinmagazine.com