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BlackRock’s US$20-billion ETF is now the world’s largest bitcoin fund, dethroning Grayscale’s rival crypto trust

  • BlackRock’s spot bitcoin exchange-traded fund held US$19.68 billion in total assets as of Tuesday
  • The firm’s iShares Bitcoin Trust has attracted the greatest inflow, totalling US$16.5 billion, since nine crypto ETFs debuted in the US in January

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BlackRock’s iShares Bitcoin Trust was among nine spot bitcoin exchange-traded funds that went live in the United States on January 11, 2024. Photo: Shutterstock
Bloomberg
BlackRock’s iShares Bitcoin Trust has become the world’s largest fund for the original cryptocurrency, amassing almost US$20 billion in total assets since listing in the United States at the start of the year.
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The spot bitcoin exchange-traded fund (ETF) held US$19.68 billion of the token on Tuesday, dethroning the US$19.65 billion Grayscale Bitcoin Trust, data compiled by Bloomberg show. The third largest is the US$11.1 billion offering from Fidelity Investments.

The BlackRock and Fidelity spot bitcoin ETFs were among nine that debuted on January 11, the same day the more than decade-old Grayscale vehicle converted into an ETF. The launches were a watershed for cryptocurrencies, making bitcoin more accessible to investors and spurring a rally in the token to a record US$73,798 by March.

The iShares Bitcoin Trust has attracted the greatest inflow, totalling US$16.5 billion, since going live in January, while investors have pulled US$17.7 billion from the Grayscale fund over the same period. The latter’s higher fees and exits by arbitrageurs have been cited as possible drivers of outflows.

Samara Cohen (centre), chief investment officer of exchange-traded funds and index investments at BlackRock, rings the opening bell at the Nasdaq Exchange, as the United States’ first spot bitcoin ETFs were launched in New York City on January 11, 2024. Photo: Getty Images via AFP
Samara Cohen (centre), chief investment officer of exchange-traded funds and index investments at BlackRock, rings the opening bell at the Nasdaq Exchange, as the United States’ first spot bitcoin ETFs were launched in New York City on January 11, 2024. Photo: Getty Images via AFP

Neither BlackRock nor Grayscale Investments immediately replied to requests for comment outside regular US business hours.

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