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BlackRock Inc’s (NYSE:BLK) iShares Bitcoin Trust (NASDAQ:IBIT) has become the most significant Bitcoin fund globally, amassing nearly $20 billion in assets since its U.S. listing earlier this year.
As of Tuesday, the fund held $19.68 billion in Bitcoin (CRYPTO: BTC), surpassing the $19.65 billion Grayscale Bitcoin Trust (NYSE:GBTC). Fidelity Investments’ Bitcoin offering stands third with $11.1 billion.
The iShares Bitcoin Trust and Fidelity Bitcoin ETFs, launched on January 11, alongside the Grayscale fund’s conversion to an ETF, have made Bitcoin more accessible, pushing its price to a record $73,798 in March, Bloomberg reports.
The iShares fund has seen inflows of $16.5 billion, while the Grayscale fund experienced outflows of $17.7 billion due to higher fees and arbitrage exits.
Grayscale is planning to launch a new fund with lower fees.
Bitcoin has quadrupled since last year, benefiting from these ETFs.
As of March, iShares Bitcoin Trust beat MicroStrategy Inc (NASDAQ:MSTR) in terms of Bitcoin quantity in less than two months since its inception.
BlackRock showcased strong performance in the ETF market earlier this year by reducing fees on its proposed Bitcoin ETFs. This move placed it in a competitive fee war with Ark Investment Management before receiving approval from the US SEC.
Prior reports indicated BlackRock educating firms about Bitcoin allocation and portfolio construction and eying the launch of Ethereum ETF.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Eivind Pedersen from Pixabay
