The BlackRock IBIT spot Bitcoin ETF gathers an impressive 200,000 BTC within a mere two-month span

Crypto News– After a mere two months of trading, BlackRock’s IBIT spot Bitcoin exchange-traded fund surpassed 200,000 BTC in assets under management on Monday. The combined assets of the nine newly launched spot Bitcoin ETFs, excluding Grayscale’s converted GBTC fund, now exceed 420,000 BTC.

The BlackRock IBIT spot Bitcoin ETF gathers an impressive 200,000 BTC within a mere two-month span

As per the latest disclosures from the funds, BlackRock’s IBIT has accumulated approximately 204,000 BTC in assets, valued at around $14.7 billion at current market prices. Among the newly launched ETFs, Fidelity’s FBTC ranks second with over 128,000 BTC, followed by Ark Invest 21Shares’ ARKB in third place with nearly 38,000 BTC, according to data from BitMEX Research. Last week, IBIT surpassed MicroStrategy’s 193,000 BTC holdings. However, MicroStrategy announced a further purchase of 12,000 BTC, reclaiming the lead with 205,000 BTC. Nonetheless, IBIT is poised to surpass the business intelligence firm’s Bitcoin assets again.

In terms of U.S. dollar valuation, Bitwise’s BITB became the fifth U.S. spot Bitcoin ETF to hold over $2 billion in assets. Bloomberg ETF analyst James Seyffart noted the significance, stating, “We now have five U.S. spot Bitcoin ETFs over $2 billion in assets with BITB joining the club.” He highlighted the rarity of such achievements, emphasizing that out of approximately 3,500 U.S. ETPs, only 445 exceed $2 billion, with only 157 surpassing $10 billion.

Notably, Grayscale’s GBTC fund, with higher fees, saw its assets decline by 37% from around 619,000 BTC to 388,000 BTC in the same period, now holding less than the combined assets of the newly launched nine ETFs. Despite significant outflows in Bitcoin terms, GBTC retained the same AUM in U.S. dollar terms since the ETFs commenced trading on January 11.

GBTC’s outflows accelerated following a court ruling allowing the now-bankrupt crypto brokerage firm Genesis to sell over $1.3 billion worth of GBTC shares to repay creditors. K33 Research analyst Vetle Lunde suggested that based on the outflow rate, the impact of this should dissipate, leading to a decline in GBTC outflows going forward.