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BlackRock's Bitcoin ETF Holds Over 300K BTC
IBIT now has $21B worth of BTC under management.
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BlackRock's IBIT spot Bitcoin ETF has exceeded 300,000 BTC in assets under management after five months of trading.
What's the scoop?
- Milestone Achievement: Five months after trading began on Jan 11, BlackRock’s IBIT ETF has crossed 300K BTC ($21B) in assets under management, accumulating 302,534 BTC in total.
- Surpassing GBTC: IBIT surpassed Grayscale’s GBTC fund in AUM last week. GBTC has been impacted by its higher fees (1.5% vs. IBIT’s 0.25%) and a drop in Bitcoin holdings (from 619,220 BTC to 285,651 BTC). Despite this, GBTC’s dollar value loss is less severe thanks to Bitcoin’s price rise.
- Market Impact: U.S. spot Bitcoin ETFs now collectively hold nearly 883K BTC ($63B), about 4.2% of Bitcoin’s total supply. They reached a record 18-day net inflow streak, adding $217.7M on Thursday, with BlackRock’s IBIT leading with $349.9M.
Bankless Take:
BlackRock’s onchain crusade continues to pay dividends — evident in the rapid accumulation of its IBIT ETF and its overtaking of Grayscale’s GBTC. Given Larry Fink’s mission of moving institutions onchain, this lead will likely only increase. IBIT’s success bodes well for Blackrock’s ETH ETF launch, which may come as soon as the end of June. Further, given the TradFi titan’s recent announcement around the launch of a tokenized stock exchange, this platform could firmly solidify Blackrock as the crypto ETF issuer, leading IBIT and ETHA (the ticker for its upcoming ETH ETF) to even greater heights.