BlackRock’s IBIT ETF Surpasses 300K BTC Milestone

As a researcher with a background in finance and experience following the digital asset space closely, I find BlackRock’s accomplishment of surpassing 300,000 BTC ($21 billion) in its Bitcoin ETF to be an impressive milestone. This achievement not only showcases the growing institutional interest in Bitcoin but also highlights the potential competitive edge of lower expense ratios.

The BlackRock IBIT Bitcoin ETF managed by BlackRock has surpassed an important threshold, now holding over 300,000 Bitcoins worth approximately $21 billion in value.

I’ve analyzed BlackRock’s Bitcoin ETF fund data and found that we have amassed a total of 302,534 Bitcoins as of now. Yesterday, there were approximately 4,920 new Bitcoins added to our holdings, surpassing the significant milestone five months after the trading commenced on January 11.

BlackRock’s IBIT ETF Surpasses 300K BTC Milestone

Last week, I observed that IBIT surpassed Grayscale’s GBTC in terms of Assets Under Management (AUM). This marked a significant milestone for IBIT as it overtook the leading Bitcoin Exchange-Traded Fund (ETF) in this aspect. GBTC commenced as a private placement fund back in 2015, later transitioning to being publicly traded on the Over-the-Counter (OTC) market. Eventually, it converted into an ETF in January of this year.

GBTC, unlike competitors such as BlackRock’s IBIT with a fee of 0.25%, imposes a higher cost of 1.5%. As per recent disclosures, GBTC’s Bitcoin holdings dropped significantly by approximately 54% when converted, from 619,220 BTC to 285,651 BTC.

As an analyst, I’ve observed that despite the surge in bitcoin’s price following the launch of spot Bitcoin ETFs, Grayscale Bitcoin Trust’s (GBTC) assets under management in US dollars have decreased by approximately 30% from $28.7 billion on January 11 to $20 billion at present values.

Based on information from CoinGlass, approximately 883,000 Bitcoins with a value of around $63 billion are currently held by all US-listed spot Bitcoin exchange-traded funds (ETFs). This represents roughly 4.2% of the total 21 million supply of Bitcoins in existence. Presently, the price of one Bitcoin is above $71,000.

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2024-06-07 19:33