BlackRock’s IBIT Becomes the World’s Largest Bitcoin ETF, Surpassing GBTC

BlackRock’s spot Bitcoin ETF has allegedly overtaken the Grayscale Bitcoin Trust (GBTC) to become the largest Bitcoin price-tracking exchange-traded fund globally.

By the close of trading on 28 May, BlackRock’s iShares Bitcoin Trust (IBIT) had seen $102.5 million in inflows, whereas GBTC experienced outflows amounting to $105 million.

The reported inflow has increased BlackRock’s spot Bitcoin ETF holdings to 288,670 Bitcoin, surpassing Grayscale’s current total of 287,450 Bitcoin. Initially, Grayscale held 620,000 Bitcoin at the time of its conversion in January, according to data from HODL15Capital and the Apollo Bitcoin Tracker.

A Bloomberg report on 29 May, referencing its own data, indicated that BlackRock’s fund held $19.68 billion in Bitcoin as of Tuesday, while Grayscale’s holdings were valued at $19.65 billion. Fidelity’s ETF was third with $11.1 billion.

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

Both ETFs were launched simultaneously in January, with BlackRock’s ETF capturing the majority of inflows among the 11 spot Bitcoin ETFs since then.

Recent regulatory documents reveal that BlackRock’s income and bond-focused funds acquired shares of its spot Bitcoin ETF in the first quarter.

BlackRock’s Strategic Income Opportunities Fund (BSIIX) invested $3.56 million in the iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) purchased $485,000 worth, as per 28 May filings with the Securities and Exchange Commission.

Spot Bitcoin ETFs around the world now collectively hold over one million Bitcoin, valued at more than $68 billion, representing nearly 5.10% of the total circulating supply.

Attention is now turning to the potential debut of spot Ether ETFs, which analysts predict could be launched as early as mid-June.

These ETFs are currently in the S-1 approval phase, the final step before they can start trading on their respective stock exchanges.