BlackRock Overtakes Grayscale
BlackRock’s iShares Bitcoin Trust has become the largest Bitcoin fund globally, dethroning its rival, Grayscale Bitcoin Trust (GBTC). As of May 28, BlackRock’s Spot Bitcoin ETF held $19.68 billion in assets under management (AUM), while Grayscale’s Bitcoin ETF held $19.65 billion.
Grayscale’s Decline
Since its conversion into an ETF in early 2024, Grayscale has experienced significant outflows totaling almost $18 billion. However, it recorded its first inflow on May 3, receiving $63 million.
BlackRock’s Rise
In contrast, BlackRock’s Spot Bitcoin ETF has consistently attracted inflows since its launch. Its highest recorded inflow was $849 million on March 12. BlackRock’s lower ETF management fees (0.25%) compared to Grayscale’s (1.5%) may have contributed to its popularity.
Net Inflows
Over the past week, BlackRock has led the Spot Bitcoin ETF race with the highest inflows. Excluding May 27, BlackRock recorded $127.1 million in inflows, while Grayscale experienced outflows of $105.2 million.
