BlackRock’s Bitcoin ETF Dominates Market with Nearly $20B in Assets: Report

BlackRock’s Bitcoin ETF Dominates the Market with Nearly $20 Billion in Assets: Report

BlackRock Inc’s (NYSE:BLK) iShares Bitcoin Trust (NASDAQ:IBIT) has become the most prominent Bitcoin fund globally, amassing nearly $20 billion in assets since its listing in the US earlier this year.

As of Tuesday, the fund held $19.68 billion of Bitcoin (CRYPTO:BTC), outpacing the $19.65 billion Grayscale Bitcoin Trust (NYSE:GBTC). Fidelity Investments’ Bitcoin offering ranks third with $11.1 billion.

According to Bloomberg, the conversion of the Grayscale fund into an ETF, as well as the iShares Bitcoin Trust and Fidelity Bitcoin ETFs launched on January 11, made Bitcoin more accessible, increasing its price to a record $73,798 in March.

While the iShares fund saw an inflow of $16.5 billion, the Grayscale fund experienced an outflow of $17.7 billion due to high fees and arbitrage outflows.

Grayscale plans to launch a new fund with lower fees.

Bitcoin has quadrupled since last year, benefiting from these ETFs.

As of March, iShares Bitcoin Trust has surpassed MicroStrategy Inc (NASDAQ:MSTR) in terms of Bitcoin quantity in less than two months since its founding.

BlackRock had a strong showing in the ETF market earlier this year by lowering fees on its proposed Bitcoin ETFs. The move put it in a competitive fee war with Ark Investment Management before it received approval from the US SEC.

Previous reports indicated that BlackRock was educating firms on Bitcoin allocation and portfolio construction and monitoring the launch of an Ethereum ETF.

Disclaimer: This content was produced in part with the help of artificial intelligence tools and reviewed and published by Benzinga editors.

Image: Eivind Pedersen from Pixabay

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