GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

BlackRock Overtakes Grayscale To Become The Largest Bitcoin Fund In The World With $20 Billion AUM

American multinational investment company BlackRock, has recently achieved a monumental milestone, recording over $20 billion in total assets. The BlackRock Spot Bitcoin ETF has successfully surpassed Grayscale to become the largest Bitcoin fund in the world. 

BlackRock Overtakes Grayscale 

BlackRock iShares Bitcoin Trust has recently become the world’s largest Bitcoin fund, overtaking its primary rival, Grayscale Bitcoin Trust (GBTC)

As of Tuesday, May 28, BlackRock’s Spot Bitcoin ETF held around $19.68 billion in Assets Under Management (AUM), overthrowing Grayscale’s Bitcoin ETF with $19.65 billion and surpassing the third largest, Fidelity Investments, which recorded $11.1 billion in AUM. Over the past two days, BlackRock has recorded more inflows, pushing its AUM to more than $20 billion presently. 

Following the launch of its Spot Bitcoin ETF on January 11, Grayscale has consistently recorded massive outflows worth billions of dollars. For years, the asset management company was the world’s largest Bitcoin fund, reaching a peak of about $44 billion in 2021. 

However, since its conversion into an ETF at the beginning of 2024, investors have pulled out almost $18 billion from Grayscale’s Bitcoin fund. On May 3, GBTC recorded its first inflow, receiving approximately $63 million, and effectively ending its 82-day streak of outflows. 

Its previous outflows had already significantly weakened Grayscale’s position as the largest Bitcoin ETF. In contrast, BlackRock’s Spot Bitcoin ETF has been recording millions of inflows since its launch, making it unsurprising that IBIT has eventually surpassed Grayscale’s GBTC.

BlackRock has only recorded a handful of outflows and minimal zero flows. Its highest recorded inflow occurred on March 12, with IBIT gathering approximately $849 million in a single day. Additionally, BlackRock’s Spot Bitcoin ETF witnessed its first outflow on May 1, losing about $36.9 million. On the same day, Grayscale had reported outflows of more than $167 million. 

Investors are likely favoring BlackRock’s Spot Bitcoin ETF due to its relatively affordable ETF management fees, which decreased from 0.30% to 0.25%. On the other hand, Grayscale has the highest ETF management fees among all the 11 approved United States Spot Bitcoin ETFs. 

While the asset management company has promised to slash fees, Grayscale’s Bitcoin Trust’s current ETF management fees remain as high as 1.5% annually.

Still Leading Spot Bitcoin ETF Net Inflows

According to Farside data, for the past week, BlackRock has been leading the Spot Bitcoin ETF race, recording the most inflows out of the 11 Spot Bitcoin ETFs. 

Excluding May 27, when all United States Spot Bitcoin ETFs saw zero flows, BlackRock recorded a total of $127.1 million for the first two days. BlackRock’s Bitcoin Trust saw $102.5 million in inflows on Wednesday, while Grayscale’s Spot Bitcoin ETF witnessed outflows of $105.2 million. Currently, Grayscale is still recording more outflows, losing $31.1 million as of writing.

Bitcoin price chart from Tradingview.com (BlackRock Grayscale)

Latest Press

post-thumbnail
News
5 mins ago
Thailand in Talks with Ripple for Potential XRP Integration
Ripple acknowledges Thailand’s potential adoption of XRP in a letter to Thai authorities. Ripple p...
READ MORE
default post thumbnail
News
5 mins ago
XRP Bears In Control: Understanding the Sustained Bearish Sentiment
XRP price struggled to recover above the $0.4880 resistance zone. The price is moving lower and the ...
READ MORE
default post thumbnail
News
5 mins ago
Ethereum Price Trims Gains as Bitcoin Slump Drags Crypto Market
Ethereum price struggled to climb above the $3,550 resistance and trimmed gains. ETH gained bearish ...
READ MORE
default post thumbnail
News
5 mins ago
LBank Exchange Will List DED (DED) on June 24, 2024
Road Town, BVI, June 24th, 2024, Chainwire In a significant move for cryptocurrency and mobile techn...
READ MORE
default post thumbnail
News
5 mins ago
Bitcoin Price Takes a Plunge: Analyzing the Sudden Drop
Bitcoin price started another decline after it struggled near $64,550. BTC declined below the $63,50...
READ MORE
default post thumbnail
News
5 mins ago
Top Analysts Predict When Altcoin Season Will Begin
Crypto enthusiasts and investors are eager to know when altcoin season will kick off. Top analysts o...
READ MORE
default post thumbnail
News
5 mins ago
Crypto on the Campaign Trail: Bitcoin and Blockchain Shapes the 2024 Presidential Race
As the 2024 US presidential election draws near, cryptocurrency has emerged as a surprising yet powe...
READ MORE
default post thumbnail
News
5 mins ago
Miners’ $2 Billion Sell-off Impacts Bitcoin Price, May Cause Second Negative Monthly Close
Bitcoin’s (BTC) price had rallied above $70,000 early this month amid a 19 consecutive inflow stre...
READ MORE
default post thumbnail
News
5 mins ago
Bitcoin Risk at Lowest Level Ever: Here’s Why
Once viewed as a speculative experiment, Bitcoin has matured into a secure and trusted digital asset...
READ MORE
post-thumbnail
News
5 mins ago
Dell Technologies CEO’s Bitcoin Tweets Ignite Crypto Community Speculation
Dell Technologies CEO Michael Dell has sparked a flurry of discussion and speculation within the cry...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started