Bitcoin ETF

Bitcoin

BlackRock

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 <ul>
 <li>BlackRock’s IBIT has flipped Grayscale’s GBTC in Bitcoin ETF holdings.</li>
 <li>IBIT holdings have surged to 288,670 BTC compared to 287,450 for GBTC.</li>
 </ul>
 One of the top Bitcoin news headlines today is that BlackRock’s iShares Bitcoin Trust (IBIT) has become the <a rel="noopener noreferrer nofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> Bitcoin exchange-traded fund (ETF) in the <a rel="noopener noreferrer nofollow" title="world" href="https://thebittimes.com/tag/world.html">world</a>, surpassing <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s Bitcoin Trust (G<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>).
 On May 28, inflows into IBIT reached $103 million while GBTC saw outflows of $105 million. Overall, the spot Bitcoin ETF market recorded net inflows for the 11th straight trading day on May 28 with a total of over $45 million.
 <h2 id="span-style-font-weight-400-ibit-surpasses-gbtc-as-largest-bitcoin-etf-span">IBIT surpasses GBTC as largest Bitcoin ETF</h2>
 As Grayscale’s spot BTC ETF recorded outflows of $105 million or 1,540 BTC, BlackRock’s IBIT saw inflows of nearly $103 million, or plus 1,501 BTC.
 BlackRock now holds 288,670 <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> for its IBIT ETF, while <a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a>’s G<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> holdings have shrunk further to 287,450 <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>. 
 Notably, when spot Bitcoin ETFs debuted in January, Grayscale’s ETF held 620,000 Bitcoin. However, as data HODL15Capital shared on X shows, these have quickly shrunk as BlackRock, Fidelity and others swelled in the last four months.
 <figure id="attachment_205915" aria-describedby="caption-attachment-205915" class="wp-caption alignnone"><img decoding="async" class="wp-image-205915 size-full" src="https://cdn.thebittimes.com/images/2024/05/29/f67a39d3c556591323107b03d88dbac9.webp" alt="" width="2048" height="930">
 <figcaption id="caption-attachment-205915" class="wp-caption-text">
 BlackRock’s IBIT has added BTC holdings as Grayscale’s GBTC bleeds since SEC approved first spot Bitcoin ETFs for US market in January 2024
 </figcaption>
 </figure>
 According to HODL15Capital, Grayscale’s outflows have come amid the fee issue (1.5% for GBTC vs. 0.2% for peers).
 “<a rel="noopener noreferrer nofollow" title="Grayscale" href="https://thebittimes.com/tag/grayscale.html">Grayscale</a> held 620,000 <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> at the time of the conversion (1/10/2024), which was more than 3% of circulating supply, but refused to lower the fee (1.5% vs 0.2% for peers), even after investors pulled 330,000+ <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>.&nbsp; So much for the “differentiated” strategy,” HODL15Capital noted.
 A Bloomberg report published on Wednesday notes that BlackRock’s BTC holdings reached $19.68 billion as of the end of trading Tuesday, compared to $19.65 billion in BTC for Grayscale. Fidelity’s FTBC, which registered inflows of $34.3 million on May 28, currently holds $11.1 billion.
 IBIT’s flippening of GBTC comes as BlackRock revealed in a regulatory filing that its funds have purchased IBIT shares.
 Specifically, the BlackRock Strategic Income Opportunities Fund (BSIIX) bought IBIT shares worth $3.56 million in the first quarter. Meanwhile, the Strategic Global Bond Fund (MAWIX) holds the ETF’s shares worth $485,000.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/blackrock-s-ibit-flips-grayscale-s-gbtc-to-become-world-s-largest-bitcoin-etf-tbt90285.html">https://thebittimes.com/blackrock-s-ibit-flips-grayscale-s-gbtc-to-become-world-s-largest-bitcoin-etf-tbt90285.html</a>

BlackRock’s IBIT flips Grayscale’s GBTC to become world’s largest Bitcoin ETF

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