As an experienced financial analyst, I have closely monitored the Bitcoin ETF market, with a particular focus on the performance of BlackRock’s IBIT and Grayscale’s GBTC. Based on recent developments, it is clear that BlackRock’s Bitcoin holdings are surging, outpacing Grayscale in terms of Assets Under Management (AUM).
As a crypto investor, I can tell you that BlackRock holds a significant amount of Bitcoin among its peers in the spot Bitcoin ETF market.
BlackRock Bitcoin Holdings Surge
Within a five-month period, BlackRock’s IBIT fund has amassed over 300,000 Bitcoin, amounting to around $21 billion in value based on current market prices for the cryptocurrency. According to their official webpage, the IBIT fund now holds a total of 302,534 Bitcoins.
The inflow of 4,920 BTC on June 6 added to the current amount held.
As an analyst, I would rephrase the given text as follows:
The court order compelled the Commission to grant approval for IBIT’s conversion to an ETF, despite this favorable decision, IBIT surpassed GBTC in assets under management last week. This outcome isn’t surprising given the significant difference in sponsor fees between BlackRock (charging 0.25%) and Grayscale (demanding up to 0.9% from investors).
As a researcher studying the ETF market, I’ve observed that the sponsor fee plays a significant role in determining each issuer’s competitive edge. The lower the fee, the more alluring the fund becomes to potential investors. Grayscale’s Bitcoin holding decreasing from 619,220 BTC to 285,651 BTC (a 54% reduction) serves as a powerful reminder of this effect.
Competition Toughens Between BlackRock And Grayscale
Despite the erratic surge in Bitcoin’s price following its ETF debut in January, Grayscale’s Bitcoin holdings have experienced a substantial decline. The value of their portfolio dropped approximately 30%, from $28.7 billion on January 11 to its current value of around $20 billion. At present, the price of Bitcoin hovers at roughly $71,468.09 with a minimal rise of 0.21% over the past day.
Among the major Bitcoin holders at BlackRock’s IBIT, there are firms like Millennium Management LLC, Schonfeld Strategic Advisors LLC, Aristeia Capital LLC, Boothbay Fund Management, and Bracebridge Capital, with Millennium being the top holder, managing approximately 20.8 million BTC on BlackRock’s behalf.
In the past 18 trading days, there have been consistent net inflows into the Bitcoin ETF market, indicating strong performance.
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2024-06-07 17:52