LIVE
As Assets Under Management (AUM) for Spot Bitcoin ETFs Exceeds $21 Billion, BlackRock Increases Its Bitcoin Bet
When it comes to Bitcoin exchange-traded funds (ETFs), American global investment firm BlackRock now has more AUM than Grayscale. This achievement demonstrates BlackRock's increasing influence in the exchange-traded fund industry and the firm's faith in cryptocurrency investments.
BlackRock's Bitcoin Exchange-Traded Fund Exceeds $21 Billion
With over $21.4 billion in assets under management, BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed Grayscale’s Bitcoin Trust ETF (GBTC) by over $1.6 billion. The steady inflows seen by BlackRock's Spot Bitcoin ETF since the start of the year are responsible for this enormous growth.
Since its Spot Bitcoin ETF debuted on January 11, BlackRock has seen daily inflows in the millions, with very few withdrawals and zero inflows over the last five months.
Farside reports that BlackRock received its first ever inflow of over $111 million on January 11, the day following its introduction. Since then, the ETF's inflows have topped hundreds of millions of dollars, reaching an all-time high of $849 million on March 12, 2024.
However, since its start in January, Grayscale has seen more withdrawals than inflows. With $17.5 billion pulled out of Grayscale's Spot Bitcoin ETF, it's little wonder BlackRock's IBIT is now larger than GBTC.
According to information found on BlackRock's fund site, the Spot Bitcoin ETF has amassed over 302,536 BTC, which is more than 1.4% of the entire supply of Bitcoin. Grayscale, on the other hand, is managing assets worth $19.75 billion and has collected over 285,105 BTC in trust.
Even though Grayscale saw some small inflows in May, they are still dealing with large outflows. Two of the most recent declines happened on June 6 and 7, when $37.6 million and $36.3 million, respectively, were removed from GBTC.
