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BlackRock's $20 Billion IBIT Surpasses Grayscale's GBTC as Largest Bitcoin ETF with 288,671 BTC

May 29, 2024, 09:04 AM

BlackRock's iShares Bitcoin Trust (IBIT) has overtaken Grayscale's Bitcoin Trust (GBTC) to become the world's largest Bitcoin exchange-traded fund (ETF). As of May 28, 2024, IBIT holds 288,671 BTC, surpassing GBTC's 288,993 BTC. This milestone was achieved in just 96 trading days, with IBIT accumulating nearly $20 billion in assets under management (AUM). IBIT's holdings amount to $19.68 billion, slightly ahead of GBTC's $19.65 billion. The surge in IBIT's holdings was driven by a significant inflow of $101.9 million, while GBTC experienced an outflow of $105 million. BlackRock's rapid ascent in the Bitcoin ETF market underscores its growing influence and the increasing institutional interest in cryptocurrency investments.