BlackRock’s IBIT spot Bitcoin exchange-traded fund has crossed a critical milestone, managing more than 300,000 BTC valued at $21 billion.
According to its fund page, BlackRock’s Bitcoin ETF has now accumulated 302,534 BTC, with about 4,920 BTC in net inflows yesterday pushing it above the milestone, five months after trading began on January 11.Â
IBIT surpassed Grayscale’s GBTC in terms of AUM last week, catching the product that had a leg up on the other top Bitcoin ETFs in terms of assets. GBTC began as a private placement fund before becoming publicly traded on the OTC market in 2015 and eventually converting to an ETF in January.
GBTC charges a higher price of 1.5% than competitors like as BlackRock’s IBIT, which charges 0.25 percent. According to recent filings, GBTC’s bitcoin holdings fell by nearly 54% upon conversion, from 619,220 BTC to 285,651 BTC.
However, considering the concomitant rise in bitcoin’s price since the spot ETFs’ inception, GBTC’s assets under management in US dollars have declined less, falling 30% from $28.7 billion on Jan. 11 to $20 billion at current values.
According to CoinGlass data, the aggregate assets held by all U.S. spot bitcoin ETFs now total roughly 883,000 BTC ($63 billion), accounting for 4.2% of bitcoin’s total 21 million supply. At the time of writing, Bitcoin is valued at over $71,000.
Also Read: Fidelity’s FBTC Bitcoin ETF Sees 600M Inflows in 2 Days
