BlackRock Inc Premier Funds Embrace IBIT in Big Gain for Bitcoin
American multinational investment firm BlackRock Inc. is seeing massive adoption of its spot Bitcoin ETF. In particular, the firm is personally encouraging adoption of its iShares Bitcoin Trust.
BlackRock Inc’s IBIT Becomes Largest Bitcoin Fund
BlackRock’s Global Allocation Fund owned a total of 43,000 shares of IBIT as of April 30, according to a new filing with the United States Securities and Exchange Commission (SEC).
This is followed by two additional filings by BlackRock on May 28. As spotted by MacroScope, the firm disclosed Bitcoin exposure in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio. With all these acquisitions, BlackRock’s IBIT has become the largest Bitcoin fund among its peers, surpassing even Grayscale GBTC.
As of May 30, BlackRock’s spot Bitcoin ETF IBIT had an impressive Asset Under Management (AUM) of around $19.79 billion, while Grayscale’s GBTC saw its AUM drop by around $18 billion to $19.75 billion in the same period.
So far, IBIT continues to record inflows, which helps it maintain its leading position in the ETF market. On Tuesday, BlackRock’s IBIT recorded zero inflows, indicating neutral interest from its institutional clients. However, trading volume reached $1 billion as major competitors recorded exits.
BlackRock’s IBIT currently holds over 300,000 BTC in AUM, with the holding currently valued at around $18.4 billion based on the coin’s market cap at the time.
Judging by the inflows the ecosystem has seen recently, it appears that other spot Bitcoin ETF issuers are doing just as well. On June 26, Bitcoin ETF flows were positive, totaling over $21 million. Fidelity Investments led this foray, while BlackRock remained stagnant. Additionally, Grayscale’s GBTC recorded positive flows following a heavy run of breakouts.
More Spot Crypto ETFs in the Sector
Spot Ethereum ETFs have been approved by the United States SEC but have not yet begun trading.
The regulator has received S-1 amendments from eight of the Ethereum ETF filings, reflecting their commitment to complying with regulations when presenting the potential offering to their clients. One of the investment asset management firms, VanEck, recently took its filing a step further by filing Form 8-A for a spot Ethereum ETF.
There is also the latest ETF news in the crypto ecosystem, which includes solana ETFs. VanEck submitted its first U.S. Solana ETF application to the SEC on June 27, and the expectation is that other firms will follow this trend.
Read More: Bitwise Drops New Ad, Hints at Blockchain Adoption
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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