BlackRock Inc.’s iShares Bitcoin Trust, IBIT, has overtaken Grayscale’s Bitcoin Trust to become the largest Bitcoin fund globally. As of Tuesday, May 28, the iShares Bitcoin Trust’s assets reached almost $19.68 billion, just edging out Grayscale’s $19.65 billion.
This achievement came after steady investments flowed into the BlackRock fund, highlighted by a significant gain of $102 million on that day. In contrast, Grayscale experienced a net outflow of around $105 million.
The iShares Bitcoin Trust has garnered an inflow of $16.5 billion since its beginning, supporting companies’ growth and profitability through mergers and acquisitions. Investors choose BlackRock because its fees are cheaper and it is easy to access the market.
The U.S. spot Bitcoin ETF saw BlackRock and Fidelity Investments, which was clearly a turning point in the crypto market. When these funds started trading on January 11th, they held a significant 2–5% of all circulating bitcoin, contributing to its wider popularity.
Last week, the SEC unexpectedly started to approve ETFs for Ether. Despite this, the agency led by Chair Gary Gensler remains cautious about the crypto sector due to recent scandals.
Also read: BlackRock Purchases iShares Bitcoin Trust Shares in Q1 2024
