BlackRock $20 bn ETF Becomes World’s Biggest Bitcoin Fund
BlackRock’s iShares Bitcoin Trust has become the world’s largest Bitcoin fund, with nearly $20 billion (£16bn) in assets since its launch in January.
The fund held $19.68bn in the coin as of Tuesday, compared to $19.65bn for the Grayscale Bitcoin Trust and $11.1bn for Fidelity Investment’s Bitcoin ETF.
The BlackRock and Fidelity ETFs premiered on 11 January, along with seven others, the same day that the Grayscale vehicle converted to an ETF after the US Securities and Exchange Commission (SEC) approved Bitcoin ETFs.
The Grayscale Bitcoin Trust, launched in 2013, had shown steady outflows of capital due to higher fees and other factors, while BlackRock has benefited from a strong distribution network among independent financial advisers and wealth managers.
The SEC’s move to approve spot ETFs was seen as a major victory for the Bitcoin community, with the token reaching a new record of more than $73,000 in March.
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