BlackRock Amplifies Its BTC Bet As Spot Bitcoin ETF AUM Barrels Past $21 Billion
Summary
BlackRock's iShares Bitcoin Trust (IBIT) has surpassed Grayscale's Bitcoin Trust ETF (GBTC) with over $21.4 billion in assets under management, compared to GBTC's $19.75 billion. BlackRock's ETF has seen consistent inflows, with a record daily inflow of $849 million on March 12, 2024. In contrast, Grayscale has faced substantial outflows, with recent drops of $37.6 million and $36.3 million on June 6 and 7. BlackRock's lower annual management fee of 0.25% compared to Grayscale's 1.5% has attracted investors, leading to a significant shift of assets from GBTC to IBIT. Over four days, BlackRock's IBIT attracted a total of $946 million in inflows, indicating strong investor confidence in the company's Spot Bitcoin ETF.
