BlackRock’s Bitcoin exchange-traded fund (ETF) has reportedly surpassed the Grayscale Bitcoin Trust (GBTC) as the largest ETF in the world that tracks the price of Bitcoin. As of May 28, BlackRock’s iShares Bitcoin Trust (IBIT) recorded $102.5 million in inflows, while GBTC experienced a $105 million outflow. This influx of funds has brought BlackRock’s spot Bitcoin ETF to a total of 288,670 Bitcoin held, compared to Grayscale’s 287,450 Bitcoin. Despite starting with 620,000 Bitcoin in January, Grayscale has seen a decrease in holdings. Bloomberg reported on May 29 that BlackRock’s fund held $19.68 billion of Bitcoin, slightly more than Grayscale’s $19.65 billion. Fidelity’s ETF offering trailed behind at $11.1 billion. HODL15Capital exclaimed, “There is a new king in the land of Bitcoin ETFs, and it’s BlackRock.” BlackRock’s ETF has dominated inflows across all 11 spot Bitcoin ETFs since its launch in January. The price of Bitcoin is currently at $68,550, showing a 1.1% increase for the day. Recent regulatory filings revealed that BlackRock’s income and bond-focused funds purchased shares of its spot Bitcoin ETF in the first quarter. BlackRock’s Strategic Income Opportunities Fund acquired $3.56 million worth of IBIT shares, while its Strategic Global Bond Fund made a $485,000 purchase. Globally, spot Bitcoin ETFs now hold over one million Bitcoin, totaling over $68 billion, which accounts for almost 5.10% of the circulating Bitcoin supply. Market observers are eagerly awaiting the potential launch of spot Ether (ETH) ETFs, which analysts predict could happen as early as mid-June. These ETFs are currently undergoing an S-1 approval process before they can commence trading on their respective stock exchanges.
BlackRock's IBIT surpasses GBTC as the biggest Bitcoin ETF globally.