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Crypto News Today- Bitcoin ETF in the world: With BlackRock’s IBIT overtaking GBTC, it is now the largest Bitcoin ETF in the world

sevval29/05/20241 Mins read340

Crypto News Today- Bitcoin Etf In The World: With Blackrock’s Ibit Overtaking Gbtc, It Is Now The Largest Bitcoin Etf In The World

BlackRock’s IBIT now holds the title of the largest Bitcoin ETF in the world, surpassing GBTC

Crypto News– BlackRock’s spot Bitcoin exchange-traded fund (ETF) has reportedly overtaken the Grayscale Bitcoin Trust (GBTC) to become the largest ETF tracking the price of Bitcoin globally.

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By the end of trading on May 28, BlackRock’s iShares Bitcoin Trust (IBIT) saw inflows of $102.5 million, while GBTC experienced outflows totaling $105 million. This significant inflow has increased BlackRock’s spot Bitcoin ETF holdings to 288,670 Bitcoin. In contrast, Grayscale now holds 287,450 Bitcoin, a notable decrease from the 620,000 Bitcoin it held when it converted in January, according to data from HODL15Capital and the Apollo Bitcoin Tracker.

A Bloomberg report from May 29, citing its own data, highlighted that BlackRock’s fund held $19.68 billion in Bitcoin as of Tuesday, slightly ahead of Grayscale’s $19.65 billion. Fidelity’s ETF offering was further behind, holding $11.1 billion.

Crypto News Today- Bitcoin Etf In The World: With Blackrock’s Ibit Overtaking Gbtc, It Is Now The Largest Bitcoin Etf In The World 198061

Recent regulatory filings reveal that BlackRock’s income and bond-focused funds purchased shares of its spot Bitcoin exchange-traded fund (ETF) in the first quarter.

According to Securities and Exchange Commission filings from 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) bought $485,000 worth.

Globally, spot Bitcoin ETFs now hold over one million Bitcoin, valued at over $68 billion, which represents nearly 5.10% of the Bitcoin circulating supply.

Meanwhile, anticipation is building for the potential launch of spot Ether (ETH) ETFs, which analysts predict could debut as early as mid-June.

These ETFs are currently undergoing the S-1 approval process, the final step required before they can start trading on their respective stock exchanges.

FAQs

What is BlackRock’s IBIT?

BlackRock’s IBIT, or iShares Bitcoin Trust, is a spot Bitcoin exchange-traded fund (ETF) that allows investors to gain exposure to Bitcoin without directly holding the cryptocurrency.

What is GBTC?

GBTC, or Grayscale Bitcoin Trust, is another Bitcoin investment vehicle that allows investors to gain exposure to Bitcoin through a publicly traded trust.

How did IBIT overtake GBTC?

As of May 28, BlackRock’s IBIT recorded significant inflows of $102.5 million, while GBTC saw outflows of $105 million. This shift in capital made IBIT the largest Bitcoin ETF by holdings.

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.