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

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

298
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 NewsBlackRock’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.

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.

For the latest in crypto updates, keep tabs on Crypto Data Space.

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

Leave a comment

Leave a Reply

Related Articles

8 February POL Price Forecast: Will Polygon Meet Investor Expectations?

For more information on the 8 February POL price forecasts, please visit...

Ethereum Price Prediction: Will ETH Break Through $2,870 and Head Towards $4,000?

Ethereum faces key support levels, with predictions pointing to potential price surges...

Xiaomi Shares Historic Surge: Market Capitalization Reaches HK$1 Trillion!

For more information about Xiaomi shares historic surge, please visit CDS.

Bitcoin Price Forecast: What US Jobs Data Means for BTC in the Coming Days

Bitcoin faces price volatility ahead of US jobs data, with predictions of...