BlackRock’s $20B ETF Has Become the World’s Largest Bitcoin Fund


BlackRock’s $20 billion Bitcoin ETF saw inflows exceeding $102 million, while Grayscale’s ETF experienced another round of outflows. 

In recent events in the crypto space, BlackRock’s spot Bitcoin exchange-traded fund has surpassed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin exchange-traded fund (ETF).  

By the close of trading on May 28, BlackRock’s iShares Bitcoin Trust (IBIT) reported $102.5 million in inflows, while Grayscale’s Bitcoin Trust (GBTC) experienced a $105 million outflow.  

According to data from HODL15Capital and the Apollo Bitcoin Tracker, the recent inflows have increased BlackRock’s spot ETF to 288,670 BTC. In contrast, Grayscale now holds 287,450 BTC, a significant decrease from the 620,000 BTC it held at the time of its conversion in January.

BlackRock’s Holdings

A Bloomberg report on May 29 noted that BlackRock’s ETF held $19.68 billion worth of BTC as of Tuesday, while Grayscale’s holdings were valued at $19.65 billion. Fidelity’s Bitcoin ETF, on the other hand, held $11.1 billion.   

All 11 spot Bitcoin ETFs were launched on the same day in January 2024. Since then, BlackRock’s ETF has dominated, capturing the majority of inflows.  

Commenting on the feat, Twitter user @HODL15Capital said; “There is a new king in the land of Bitcoin ETFs & its BlackRock.”

Recent regulatory filings indicate that BlackRock’s income and bond-focused funds acquired its spot Bitcoin ETF shares during the first quarter.

According to filings with the Securities and Exchange Commission (SEC) on May 28, BlackRock’s Strategic Income Opportunities Fund (BSIIX) acquired $3.56 million worth of the iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) purchased $485,000 worth of IBIT.   

Ether ETFs Approval 

Recent buying activity for IBIT has surged amid growing bullish sentiment for Bitcoin and the broader crypto market. The optimism was fueled by the approval of Ether (ETH) ETFs and renewed support for digital assets among U.S. political parties.

Spot Bitcoin ETFs currently possess over one million BTC, valued at over $68 billion, which represents approximately 5.10% of the crypto asset’s total circulating supply.   

Last week, Bitcoin ETFs listed in the U.S. hit a new milestone. Over 850,000 BTC are under custody, exceeding the previous high of 845,000 BTC set in early April. 

Meanwhile, there’s widespread anticipation surrounding the possible launch of spot Ether ETFs, with analysts suggesting they could hit the market as soon as mid-June.