BlackRock’s IBIT Surpasses GBTC to Become the Largest Bitcoin ETF on Earth

BlackRock’s Bitcoin exchange-traded fund (ETF) has reportedly surpassed the Grayscale Bitcoin Trust (GBTC) to become the world’s largest ETF tracking the price of Bitcoin. As of May 28, BlackRock’s iShares Bitcoin Trust, known as IBIT, recorded $102.5 million in inflows, while GBTC registered a $105 million outflow. This influx has brought BlackRock’s spot Bitcoin ETF to a total of 288,670 Bitcoin held, compared to Grayscale’s 287,450 Bitcoin. In January, Grayscale held 620,000 Bitcoin at the time of its conversion. According to Bloomberg, BlackRock’s ETF held $19.68 billion of Bitcoin as of Tuesday, while Grayscale held $19.65 billion. Fidelity’s ETF offering trailed behind at $11.1 billion. HODL15Capital stated, “There is a new king in the land of Bitcoin ETFs & its BlackRock.” Both ETFs launched on the same day in January, and BlackRock’s ETF has accounted for the majority of inflows among all 11 spot Bitcoin ETFs. The price of Bitcoin is currently at $68,550. Recent regulatory filings show that BlackRock’s income and bond-focused funds also bought shares of its spot Bitcoin ETF in the first quarter. Spot Bitcoin ETFs globally now hold over one million Bitcoin worth over $68 billion, which is approximately 5.10% of the Bitcoin circulating supply. Attention is now focused on the potential launch of spot Ether (ETH) ETFs, which analysts predict could be introduced as early as mid-June. The ETFs are currently undergoing an S-1 approval process before they can begin trading on their respective stock exchanges.