BlackRock Becomes the World’s Largest Bitcoin Fund with $20 Billion
“iShares Trust” Dethrones “Grayscale” as the Leading Digital Currency ETF The “iShares Bitcoin Trust” (iShares Bitcoin Trust) managed by “BlackRock” has become the world’s largest spot Bitcoin trading fund, with total assets nearing $20 billion since its listing in the United States earlier this year.

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Bloomberg data revealed on Tuesday that the exchange-traded fund (ETF) holds Bitcoin units worth $19.68 billion, surpassing the “Grayscale Bitcoin Trust” (Grayscale Bitcoin Trust) which has assets valued at $19.65 billion. The third largest fund is managed by “Fidelity Investments” with total assets amounting to $11.1 billion.

The Bitcoin ETFs managed by “BlackRock” and “Fidelity” were among nine ETFs launched for the first time on January 11th, the same day the over 10-year-old “Grayscale” fund converted into an ETF. The launch of these funds marked a turning point for the cryptocurrency market, making Bitcoin more accessible to investors and driving its price to a record high of $73,798 by March.

Bitcoin Price Declines Amid Mt.Gox Sell-Off Fears The “iShares Bitcoin Trust” attracted the largest inflows, totaling $16.5 billion since its inception, while investors withdrew $17.7 billion from the “Grayscale” fund during the same period. The higher fees associated with the latter were cited as a possible reason for the outflows.

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Neither “BlackRock” nor “Grayscale Investments” immediately responded to requests for comment outside regular U.S. business hours.
“Grayscale” plans to launch a new version of its main fund, according to a regulatory filing in March,
with expected lower fees, according to a person familiar with the matter.

The Securities and Exchange Commission (SEC) reluctantly approved the first U.S. spot Bitcoin ETFs
in January after a court overturned its 2023 decision to block these funds in a case brought by “Grayscale.”

Grayscale established the “Grayscale Bitcoin Trust” in 2013,
which became known as the largest investment fund of its kind.
However, investors often traded shares of this closed-end fund at significant premiums
or discounts to its net asset value,
prompting the company to push for its conversion into an ETF to ensure it trades at its nominal value.

BlackRock Becomes the World’s Largest Bitcoin Fund with $20 Billion

BlackRock Becomes the World&#8217;s Largest Bitcoin Fund with $20 Billion

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BlackRock Becomes the World’s Largest Bitcoin Fund with $20 Billion