BlackRock’s ETF Is Now the World’s Largest Bitcoin Fund

by

As a researcher with several years of experience in the financial industry and a keen interest in digital currencies, I find this news intriguing. The fact that BlackRock’s iShares Bitcoin Trust has surpassed Grayscale’s Bitcoin Trust to become the largest Bitcoin fund globally is a significant milestone.

I, as an analyst, would express it this way: I have observed a shift in the Bitcoin investment landscape with iShares Bitcoin Trust surpassing Grayscale’s Bitcoin Trust to claim the title of the largest Bitcoin fund globally. As of May 28, 2023, iShares Bitcoin Trust has amassed nearly $19.79 billion in assets under management, narrowly outpacing Grayscale’s $19.75 billion.

After consistently pouring funds into the BlackRock Bitcoin trust, a notable increase of 1,505 BTC, equivalent to approximately $102 million, was realized on that specific day. Conversely, Grayscale recorded a net withdrawal of 1,550 BTC, valued at around $105 million.

As an analyst, I would rephrase it this way: The U.S. spot Bitcoin ETF marked a pivotal moment in the crypto market when major players like BlackRock and Fidelity Investments began trading on it starting January 11th. Their involvement represented a substantial 2-5% ownership of all circulating Bitcoins, effectively increasing its appeal to an wider audience.

Last week marked an unexpected turn of events as the Securities and Exchange Commission (SEC) began giving its nod to Ethereum-based Exchange Traded Funds (ETFs). However, it’s important to note that the SEC, under the leadership of Chair Gary Gensler, remains wary of the crypto sector following a string of recent scandals. So while we’re seeing some progress, caution still prevails.

Read More

2024-05-29 10:44