BlackRock Inc.’s iShares Bitcoin Trust has become the world’s largest fund for the original cryptocurrency, amassing almost $20 billion in total assets since listing in the US at the start of the year.

The exchange-traded fund held $19.68 billion of the token Tuesday, dethroning the $19.65 billion Grayscale Bitcoin Trust, data compiled by Bloomberg show. The third largest is the $11.1 billion offering from Fidelity Investments.

The BlackRock and Fidelity Bitcoin ETFs were among nine that debuted Jan. 11, the same day the more than decade-old Grayscale vehicle converted into an ETF. The launches were a watershed for crypto, making Bitcoin more accessible to investors and spurring a rally in the token to a record $73,798 in March.

The iShares Bitcoin Trust has attracted the greatest inflow since going live, $16.5 billion, while investors have pulled $17.7 billion from the Grayscale fund over the same period. The latter’s higher fees and exits by arbitragers have been cited as possible drivers of outflows.

“The success of IBIT underscores investors preference to access Bitcoin through the convenience of the ETF vehicle in an institutional-grade product,” a BlackRock spokesperson said in a statement. “We remain focused on education for investors and providing access to Bitcoin with convenience and transparency.”

Grayscale Investments LLC didn’t immediately reply to a request for comment outside regular US business hours. Grayscale intends to launch a clone of its main fund, according to a March regulatory filing, and fees are expected to be lower, a person familiar with the matter said at the time.

The Securities and Exchange Commission reluctantly gave the green light for the first US spot-Bitcoin ETFs in January following a court reversal in 2023 in a case brought by Grayscale.

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