Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

<div class="intro-text">
 BlackRock’s iShares Bitcoin Trust (IBIT) has become the largest Bitcoin exchange-traded fund (ETF) globally, surpassing the Grayscale Bitcoin Trust (GBTC) according to the latest publicly available data.
</div>
According to the<a style="color: #0000ff;" href="https://heyapollo.com/bitcoin-tracker/overview" rel="noopener noreferrer nofollow"> Apollo Bitcoin Tracker</a>, BlackRock’s spot Bitcoin ETF has shown impressive growth, amassing 288,670 BTC, surpassing Grayscale’s holdings of 287,450 BTC.&nbsp;
A May 29<a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2024-05-29/blackrock-s-ibit-now-world-s-largest-bitcoin-btc-etf-as-gbtc-shrinks" rel="noopener noreferrer nofollow"> Bloomberg report</a>, referencing its own data, revealed that BlackRock’s fund now holds $19.68 billion in Bitcoin, slightly more than Grayscale’s $19.65 billion. Fidelity’s Bitcoin ETF lags behind with $11.1 billion.&nbsp;
Both ETFs were launched in January 2024. It’s worth noting that Grayscale’s ETF held 620,000 BTC, which was more than 3% of the cryptocurrency’s circulating supply at that time. The fund was converted from an already successful Trust Fund to a spot ETF. However, the fund has been experiencing consistent daily significant outflows from its portfolio since then.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/blackrocks-ibit-will-overtake-grayscales-gbtc-in-asset-portfolio-size-soon-analyst/" rel="noopener noreferrer nofollow">BlackRock’s $iBIT Will Overtake Grayscale’s $GBTC in Asset Portfolio Size Soon – Analyst</a>
Blackrock’s ETF, on the other hand, has had the opposite experience. It has been <a style="color: #0000ff;" href="https://defi-planet.com/2024/03/crypto-community-react-blackrocks-bitcoin-etf-outmatch-the-largest-silver-etf/" rel="noopener noreferrer nofollow">the best-performing fund since its launch</a> and has <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/blackrocks-ibit-etf-bucks-trend-with-continuous-inflows-amidst-market-stagnation-in-the-past-five-days/" rel="noopener noreferrer nofollow">captured the majority of inflows</a> among all 11 spot Bitcoin ETFs launched at the time.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/03/blackrocks-ishares-bitcoin-etf-surpasses-222000-btc-in-holdings/" rel="noopener noreferrer nofollow">BlackRock’s iShares Bitcoin ETF Surpasses 222,000 BTC in Holdings</a>
The prevailing<a style="color: #0000ff;" href="https://twitter.com/HODL15Capital/status/1795637263310954651?t=zyZ6_nBf6jVGJKRcAGqm0A&amp;s=19" rel="noopener noreferrer nofollow"> hypothesis</a> for the significant outflow from the Grayscale fund has been its high premium trading fees. It maintained its initial 1.5% commission, while its peers launched with only 0.2%.
As of May 28, iBIT recorded an inflow of $102.5 million, while GBTC<a style="color: #0000ff;" href="https://twitter.com/FarsideUK/status/1795664335072616548?t=3GjU0wjCs4-zwQCAOCH8hw&amp;s=19" rel="noopener noreferrer nofollow"> experienced</a> an outflow of $105 million.&nbsp;
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/05/vanguard-taps-ex-blackrock-executive-for-ceo-stakeholders-speculate-policy-change-on-bitcoin-etfs/" rel="noopener noreferrer nofollow">Vanguard Taps Ex-BlackRock Executive for CEO: Stakeholders Speculate Policy Change On Bitcoin ETFs</a>
According to regulatory filings from the first quarter of 2024, BlackRock’s income and bond-focused funds are investing in its Bitcoin ETF. The Strategic Income Opportunities Fund (BSIIX)<a style="color: #0000ff;" href="https://www.sec.gov/Archives/edgar/data/1738078/000175272424120138/BLK_Strat_Inc_Opps.htm" rel="noopener noreferrer nofollow"> acquired</a> $3.56 million of IBIT shares, and the Strategic Global Bond Fund (MAWIX)<a style="color: #0000ff;" href="https://www.merriam-webster.com/dictionary/purchase" rel="noopener noreferrer nofollow"> purchased</a> $485,000 worth, as indicated in the May 28 Securities and Exchange Commission filings.
Spot Bitcoin ETFs worldwide now collectively<a style="color: #0000ff;" href="https://x.com/saylor/status/1795037549301313774" rel="noopener noreferrer nofollow"> hold</a> over one million BTC, valued at more than $68 billion, which represents nearly 5.10% of the total Bitcoin supply.
Bitcoin’s price increased by 1.1% on May 28, reaching $68,550, as per<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"> CoinMarketCap data.</a> Its current trading price is around $67,795, according to the same source.&nbsp;
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/05/blackrocks-ibit-overtakes-grayscale-as-largest-bitcoin-fund/" rel="noopener noreferrer nofollow">BlackRock’s IBIT Overtakes Grayscale as Largest Bitcoin Fund</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

BlackRock’s IBIT Overtakes Grayscale as Largest Bitcoin Fund

DeFi Planet

Other articles published on May 29, 2024

This Company Allegedly Stopped Working with a Cryptocurrency Exchange

Renzo Simplifies Staking with Liquid Restaking Protocol

SEI price drops amid distribution of over 27M tokens after fruitful v2 upgrade

Why Ethereum’s crypto whale holdings increased 27% in 14 months

New Solana Memecoin Smiling Pepe (SMPEPE) Will Skyrocket 14,000% as KuCoin Listing Announced, Whi...

Mastercard Crypto Credential Transaction Solution Officially Launched

Join our free newsletter for daily crypto updates!