CryptoSlate's latest market report dives deep into the meteoric rise of BlackRock's Bitcoin ETF to understand how it positioned itself at the forefront of the crypto market.
Introduction
BlackRock is the world’s largest asset manager, with over $9 trillion in assets under management (AUM). Founded in 1988, the company has consistently expanded its influence across various asset classes and financial products, establishing itself as a formidable force in the traditional financial market. Its size and market presence enable it to influence global financial trends significantly.
BlackRock’s journey into the crypto market began with a strategic approach to digital assets. The company initially dipped its toes into crypto by offering private Bitcoin funds to its clients. This cautious entry allowed BlackRock to gauge market interest and regulatory landscapes without significant exposure. The move was part of a broader strategy to integrate innovative financial instruments into its extensive portfolio.
In early 2023, BlackRock made a decisive move by filing for its spot Bitcoin ETF, IBIT. This product quickly gained attention due to BlackRock’s strong market reputation and investor confidence in its management capabilities. The initial application faced rigorous scrutiny and required multiple revisions to meet the US Securities and Exchange Commission (SEC) standards. Despite these challenges, the market response was overwhelmingly positive, reflecting the growing demand for regulated Bitcoin investment products.
IBIT’s rapid ascent has been one for the books. Less than five months after its launch, it became the fastest ETF product to reach $20 billion in AUM, setting a new benchmark in the industry. This achievement shows the appetite for Bitcoin exposure among institutional and retail investors. As of May 31, IBIT holds the title of the largest spot Bitcoin ETF on the market, a testament to its robust design and strategic marketing.
In this report, CryptoSlate will explore the factors contributing to BlackRock’s meteoric rise in the Bitcoin ETF market. Examining IBIT’s growth trajectory, marketing strategies, and regulatory compliance will provide insights into how BlackRock has positioned itself at the forefront of the crypto ETF landscape. Additionally, the report will assess the broader implications of BlackRock’s market presence in the crypto industry, including its impact on investor confidence, market stability, and future trends.
#Binance200M #ETHETFsApproved #BlackRock

The State of Wisconsin Investment Board (SWIB) invested $160 million in spot Bitcoin ETFs during the first quarter.
Marquette University professor emeritus David Krause told PBS Wisconsin on May 31 that other US states could follow Wisconsin in investing in spot Bitcoin ETFs.
Krause called Bitcoin a “good investment” for state pension funds, emphasizing its role in diversification, its high potential upside returns, and its use as a hedge against inflation. He added that Bitcoin’s ability to remove the volatility of government actions is underrecognized.
Despite his optimism, Krause clarified that only the State of Wisconsin Investment Board (SWIB) and some other state funds can afford to withstand crypto market cycles and volatility.
He said:
“I don’t expect those that are underfunded can afford to [invest] because this is a long play.”
Krauss did not predict which states are most likely to invest. However, data from Equable indicates that seven state pension funds had a funding ratio greater than or equal to Wisconsin’s 95% in 2023. Three of the seven funds had overfunded ratios above 100%.
Conversely, Illinois had the least funded state pension board, with a 51% funded ratio.
Wisconsin could invest more
Krause also commented on the possibility that Wisconsin’s position will grow.  He called SWIB’s initial investment a “trial run,” stating:
“I think it’s just an entry point. I think they’re testing to see the reaction of the public to whether or not there’s resistance to owning this.”
Krause highlighted the rapid nature of Wisconsin’s investment by stating that the investment industry was “amazed” that a pension fund invested in spot Bitcoin ETFs so soon after the products launched, as opposed to years after launch as expected.
SWIB holds over $160 million in spot Bitcoin ETF shares, consisting of BlackRock’s IBIT and Grayscale’s GBTC. Krause estimated the investment makes up 0.1% of SWIB’s $180 billion total value, though the latest filing reports the fund as having a lower $37.9 billion value.
According to Fintel data, SWIB is currently among the top Bitcoin ETF investors. As of June 3, it had the sixth-largest IBIT and 13th-largest GBTC positions.
The company first disclosed its investments on May 14. (Data via- Mike dalton cryptoslate)
#StartInvestingInCrypto #ETHETFsApproved

The fund could gain approval and launch in the coming weeks.
BlackRock amended the S-1 registration statement for its spot Ethereum ETF in a May 29 filing, marking a step toward approval.
The filing builds on BlackRock’s original registration statement, which was initially filed in November 2023.
Bloomberg ETF analyst James Seyffart called the filing a step toward launch after the SEC approved 19b-4 listing rule changes on May 23.
He said:
 “This is almost certainly the engagement we were looking for …”
Seyffart reaffirmed his belief that the S-1 statements could gain approval in the coming weeks, leading to spot Ethereum ETF launches, but admitted that the “norm is months.”
Placeholder data filled
The S-1 filing fills several placeholder fields, including details about seed funding.
According to the filing, the fund has generated $10 million in proceeds via a seed capital purchase by BlackRock Financial Management of 400,000 shares at $25 per share.
The sponsor, iShares Delaware Trust Sponsor, may collect up to $500,000 in fees per annum. The latest filing does not calculate a percentage-based sponsor fee.
The trust will issue and redeem shares only in blocks of 40,000. The fund’s ticker is ETHA.
Wilmington Trust, National Association will act as the Delaware trustee. Bank of New York Mellon will act as trust administrator and cash custodian.
In-kind redemptions considered
The new S-1 also reintroduces the possibility of in-kind creation and redemptions, which would allow for crypto rather than cash transactions among authorized participants.
It acknowledges that approval of in-kind transactions is not guaranteed and that timing is uncertain.
BlackRock’s original S-1 statement mentioned the possibility of in-kind creations and redemptions in passing. However, an amendment notice to Nasdaq’s 19b-4 filing in April said that authorized participants would rely solely on cash when creating and redeeming shares in the fund.
The latest S-1 also explicitly states that BlackRock will not engage in ETH staking, aligning with Nasdaq’s second May 22 19b-4 amendment on behalf of BlackRock.
All other ETH ETF issuers have also removed the possibility of staking from their applications.
#ETHETFsApproved #BlackRock #Megadrop