BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale
BlackRock's bitcoin exchange-traded fund (ETF), IBIT, has become the largest of its kind, surpassing Grayscale's GBTC after receiving a $102 million inflow. As of Wednesday, IBIT holds nearly $20 billion worth of bitcoin, while GBTC holds $19.7 billion. BlackRock added the bitcoin ETF to its income and bond-focused funds in the first quarter. The firm’s Strategic Income Opportunities Fund holds over $3.5 million worth of IBIT, and its Strategic Global Bond Fund holds $485,000. The buying activity for IBIT increased recently due to bullish sentiment for bitcoin and the broader crypto market, following the listing approval for ether ETFs and renewed support for crypto among U.S. political parties. Last week, U.S.-listed spot bitcoin ETFs reached a new record with more than 850,000 BTC in custody.
