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BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale

Inflows to IBIT have picked up recently after a dismal few weeks at the end of April. BlackRock now holds the ETF in one of its major funds.

By Shaurya Malwa
AccessTimeIconMay 29, 2024 at 7:13 a.m. UTC
Updated May 29, 2024 at 4:56 p.m. UTC
(Jim Henderson, modified by CoinDesk)
(Jim Henderson, modified by CoinDesk)
  • BlackRock’s IBIT has surpassed Grayscale’s GBTC, becoming the largest spot bitcoin ETF in the U.S.
  • The investment giant added IBIT to its income and bond-focused funds on Tuesday.

BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) is now the largest product of its kind, flipping Grayscale's GBTC after a $102 million inflow on Tuesday.

IBIT holds nearly $20 billion worth of bitcoin as of Wednesday morning, its product page shows. GBTC holds $19.7 billion after seeing $105 million in outflows on Tuesday, its page shows. Since going live in January, investors have poured in $16.5 billion to IBIT and have withdrawn $17 billion from the Grayscale fund.

On Tuesday, BlackRock added the bitcoin ETF to its income and bond-focused funds in the first quarter. The firm’s Strategic Income Opportunities Fund (BSIIX) holds over $3.5 million worth of IBIT, while its Strategic Global Bond Fund (MAWIX) holds $485,000.

Buying activity for IBIT ramped up recently amid bullish sentiment for bitcoin and the broader crypto market. The bulls gained momentum after the listing approval for ether (ETH) ETFs and renewed support for crypto among U.S. political parties.

That helped mark a sudden shift in IBIT, which recorded low or even zero inflows before May 15 and saw its first-ever day of outflows in April, leading to bearish sentiment.

Last week, U.S.-listed spot bitcoin exchange-traded funds reached a new record by holdings with more than 850,000 BTC in custody, surpassing the previous high of 845,000 BTC from early April.

UPDATE (May 29, 11:06 UTC): Adds additional information in second para.

Edited by Parikshit Mishra.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa
Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter
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