BlackRock Inc.’s iShares Bitcoin Trust has become the world’s largest fund for the original cryptocurrency, amassing almost $20 billion in total assets since listing in the US at the start of the year.
The exchange-traded fund held $19.68 billion of the token Tuesday, dethroning the $19.65 billion Grayscale Bitcoin Trust, data compiled by Bloomberg show. The third largest is the $11.1 billion offering from Fidelity Investments.
The BlackRock and Fidelity Bitcoin ETFs were among nine that debuted Jan. 11, the same day the more than decade-old Grayscale vehicle converted into an ETF. The launches were a watershed for crypto, making Bitcoin more accessible to investors and spurring a rally in the token to a record $73,798 by March.
The iShares Bitcoin Trust has attracted the greatest inflow since going live, $16.5 billion, while investors have pulled $17.7 billion from the Grayscale fund over the same period. The latter’s higher fees and exits by arbitragers have been cited as possible drivers of outflows.
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Neither BlackRock nor Grayscale Investments LLC immediately replied to requests for comment outside regular US business hours. Grayscale intends to launch a clone of its main fund, according to a March regulatory filing, and fees are expected to be lower, a person familiar with the matter said at the time.
The Securities and Exchange Commission reluctantly gave the green light for the first US spot-Bitcoin ETFs in January following a court reversal in 2023 in a case brought by Grayscale.
The firm created the Grayscale Bitcoin Trust in 2013 and it became well-known as the biggest such vehicle. But shares in the closed-ended product sometimes traded at substantial premiums or discounts to its net asset value, prompting Grayscale to push for a conversion into an ETF to ensure trading at par.
SEC Pivot
Last week, the SEC surprisingly pivoted toward allowing ETFs for Ether, a token that ranks second only to Bitcoin in market value. The agency under Chair Gary Gensler is skeptical of the crypto industry overall following a spate of scandals.
The group of Bitcoin funds — with assets of $58.5 billion to date — have been hailed as one of the most successful new ETF categories. But critics argue volatile digital assets are ill-suited to widespread adoption, even within ETFs.
Some nations, such as Singapore and China, either curb or ban investor access. In the US, a Vanguard Group spokesperson said in January that the firm has no plans to offer any crypto-related products. BlackRock and Vanguard are the world’s two largest asset managers.
Bitcoin has quadrupled since the start of last year, helped by the ETFs, in a powerful recovery from a deep bear market in 2022. The token rose about 1% to $68,797 as of 12:48 p.m. Wednesday in Singapore.