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BlackRock's IBIT Surpasses Grayscale's GBTC as Largest Bitcoin ETF with $20 Billion in Assets

May 29, 2024, 08:51 AM

BlackRock's iShares Bitcoin Trust (IBIT) has overtaken Grayscale's Bitcoin Trust (GBTC) to become the world's largest Bitcoin ETF. This milestone was achieved following a significant inflow of $101.9 million into IBIT, bringing its total assets under management to nearly $20 billion. The flip occurred on May 28, 2024, with IBIT now holding 288,671 BTC compared to GBTC's 288,993 BTC. BlackRock's IBIT managed to close the gap with GBTC in just 96 trading days, highlighting the rapid growth and investor confidence in BlackRock's Bitcoin ETF. Additionally, BlackRock's Strategic Income Opportunities Portfolio has been buying Bitcoin, further solidifying its position in the cryptocurrency market. On the same day, GBTC experienced a $105 million outflow. This event marks 11 consecutive days of net inflows for Bitcoin spot ETFs, totaling $45 million.