BlackRock’s Spot Bitcoin ETF Surpasses GBTC in Holdings

• BlackRock’s IBIT surpasses Grayscale’s GBTC as the largest Bitcoin ETF with 288,670 BTC, highlighting a shift in institutional investment preferences.
• Over the past ten trading days, spot Bitcoin ETFs amassed over $1 billion in net inflows, with IBIT consistently attracting investments.
• BlackRock incorporates $4.1 million of IBIT shares into its strategic funds, emphasizing its commitment to Bitcoin-related investments.

BlackRock’s spot Bitcoin ETF, IBIT, has surpassed Grayscale’s GBTC to become the largest Bitcoin ETF globally. Over the past ten trading days, spot Bitcoin ETFs have accumulated over a billion U.S. dollars in net inflows, marking a significant milestone in the cryptocurrency market. Each trading day showed a positive influx, with the last trading day recording high net inflows.

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During this period, five of the eleven ETFs, including IBIT, saw inflows. GBTC, BTCO, BRRR, EZBC, and BTCW experienced neither gains nor losses. However, on May 22 and 23, GBTC recorded net outflows, while other ETFs either saw inflows or remained neutral.

Notably, BlackRock’s IBIT has consistently attracted inflows over the ten-day span, contrasting with occasional periods of inactivity before this surge. The competition between GBTC and IBIT has been close, with both funds holding substantial Bitcoin reserves. However, as GBTC has reduced its Bitcoin holdings, IBIT has steadily increased its reserves. This suggests that a significant portion of GBTC’s reductions might have been acquired by IBIT.

Current data shows GBTC holding 287,450 Bitcoins, while IBIT holds a slightly higher amount at 288,670 Bitcoins. This shift in Bitcoin holdings signals a notable change in the landscape of institutional Bitcoin investments. The increase in IBIT’s holdings indicates a growing preference among investors for BlackRock’s IBIT over Grayscale’s GBTC for Bitcoin investments.

Moreover, asset management giant BlackRock has added $4.1 million worth of its spot Bitcoin ETF shares to two of its funds, as per May 28 SEC filings. Specifically, BlackRock added $3.6 million of its iShares Bitcoin Trust (IBIT) shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX). Additionally, the asset manager included $486,000 worth of IBIT shares in its BlackRock Strategic Global Bond Fund (MAWIX). These purchases cover additions in the first quarter of 2024.

Furthermore, BlackRock had previously disclosed plans to incorporate IBIT into its other funds, as seen in its SEC filings on March 8. This move underscores BlackRock’s strategic commitment to expanding its Bitcoin-related investments.

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