Here’s How Much Bitcoin BlackRock Now Holds Through IBIT
BlackRock, one of the top players in the spot Bitcoin ETF market, boasts one of the largest Bitcoin (BTC) holdings among its peers.
Increase in BlackRock Bitcoin Assets
In just five months of trading, BlackRock’s IBIT has recorded over 300,000 BTC in Assets Under Management (AUM). This holding is currently worth approximately $21 billion based on the market cap of the coin. The exact IBIT fund page confirms that the ETF has currently accumulated 302,534 BTC.
A net inflow of 4,920 BTC recorded on June 6 contributed to pushing the holding to its current level.
Among the eleven Bitcoin ETFs greenlit by the United States Securities and Exchange Commission (SEC) in January, Grayscale’s GBTC was one of the frontrunners in terms of assets. Led by Michael Sonnenshein, the product ran Bitcoin in Trust as a private placement fund before moving to public trading on the over-the-counter (OTC) market in 2015.
Conversion to an ETF was approved only after the federal court authorized the Commission to consider the request. Despite this trend, IBIT outperformed GBTC’s AUM last week. This sentiment is not surprising given the disparity in sponsorship fees between BlackRock and Grayscale. BlackRock only charges 0.25%, while Grayscale charges investors as much as 0.9%.
The sponsor fee is believed to give each ETF issuer an advantage over the other. For context, the lower the fee, the more likely investors are to turn to such funds. The 54% drop in Grayscale’s Bitcoin holdings from 619,220 BTC to 285,651 BTC underscores the strength of the influence around the sponsor fee.
Competition Between BlackRock and Grayscale Is Getting Fierce
Despite the haphazard price increase that Bitcoin has seen since the spot Bitcoin ETF launch in January, Grayscale’s Bitcoin portfolio has fallen significantly. The value of its portfolio fell 30% to $20 billion at current prices, from $28.7 billion on Jan. 11. Bitcoin is currently trading at $71,468.09, up 0.21% in the last 24 hours.
Meanwhile, some of BlackRock’s largest IBIT holders include Millennium Management LLC, Schonfeld Strategic Advisors LLC, Aristeia Capital LLC, Boothbay Fund Management and Bracebridge Capital. The largest holder of this group, Millennium, has 20.8 million BTC under BlackRock’s management.
On the one hand, the spot Bitcoin ETF market has been performing well and recently recorded net inflows for 18 consecutive trading days.
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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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