Blackrock’s IBIT Ousts GBTC as the World’s Largest Bitcoin Fund

Blackrock’s spot Bitcoin ETF, IBIT, takes the reins as the world’s largest BTC fund.

Guy sitting on black rock platform with a pile of bitcoins.
Created by Kornelija Poderskytė from DailyCoin
  • Blackrock’s spot Bitcoin ETF has unlocked a new milestone.
  • The development comes after the fund attracted millions of inflows on Tuesday.
  • In the meantime, BTC is trading above $67K.

Blackrock’s iShares Bitcoin Trust (IBIT) has reportedly dethroned Grayscale’s GBTC as the world’s largest spot exchange-traded fund tracking BTC’s price.

On May 28, IBIT witnessed a relatively successful trading day, amassing $102.5 million in inflows while the converted GBTC fund continued to hemorrhage millions. The fund bled $105.2 million on Tuesday, its second-largest outflow of the month.

IBIT Becomes the World’s Largest Bitcoin ETF

According to a May 29 Bloomberg report citing its own compiled data, Blackrock’s IBIT held $19.68 billion worth of BTC on Tuesday, against Grayscale GBTC’s $19.65 billion in total assets.

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This positions IBIT as the world’s largest Bitcoin fund, followed by GBTC and Fidelity’s $11.1 billion FBTC, the report said.

A spot check on comparison data from HODL15Capital and the Apollo Bitcoin Tracker winds up in the same analysis. IBIT held $19.8B (288,670 BTC) against GBTC’s $19.7B (287,450 BTC) as of May 29, while FBTC, ARKB, and BITB held ($11.1B) 162,041 BTC, ($3.3B) 48,563 BTC, and ($2.4B) 36,233 BTC, respectively, the data shows.

In terms of performance since its launch in January, of all the spot Bitcoin ETFs, IBIT has attracted the greatest inflow, amassing $16.5 billion. This is a sharp contrast to the $17.7 billion worth of Bitcoin investors pulled from GBTC during the same period.

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As for Bitcoin, the crypto asset has quadrupled since the bear market of 2022, thanks to the ETFs. BTC gained 8.7% in the last month to trade at $67,692 as of press time, CoinMarketCap data shows.

Read about Argentina’s Bitcoin journey:
Argentina on the Bitcoin Path: Can It Learn From El Salvador?

Stay updated on the debut of Bitcoin and Ether ETPs in the UK:
London Stock Exchange Lists Bitcoin and Ether ETPs for Trading

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.