This is the new leader of Bitcoin ETFs: Grayscale is no longer in first place
BlackRock’s iShares Bitcoin Trust has become the largest Bitcoin fund in the world. Since its launch in America earlier this year, almost $20 billion of assets have already been invested in this fund.
BlackRock, Grayscale and Fidelity
From one article Bloomberg shows that the fund held $19.68 billion in Bitcoin yesterday. This makes it larger than the Grayscale Bitcoin Trust (GBTC), with a value of $19.65 billion. In third place is Fidelity Investments’ fund, with $11.1 billion in Bitcoin.
The launch of BlackRock and Fidelity’s Bitcoin ETFs, along with seven others, on January 11 was a major moment for the crypto market. On the same day, the long-standing Grayscale fund also changed into an ETF.
Bitcoin is becoming more accessible
These developments have made it much easier for institutional investors and private investors to invest in Bitcoin. This caused a significant price increase of the world’s best-known cryptocurrency. On March 14, the Bitcoin price a record high of $73,700.
The iShares Bitcoin Trust has been the most popular fund among investors since its inception. During the same period, $17.7 billion was withdrawn from the Grayscale fund.
A spokesperson for BlackRock says they are pleased with the success of their fund. Investors prefer to invest in Bitcoin through an ETF because it is more transparent and reliable. BlackRock wants to remain committed to making Bitcoin accessible to investors.
Nearly $60 billion invested
In January, the American stock exchange regulator (SEC) approved, reluctantly, it seemed, the first ETFs that are directly linked to the price of Bitcoin. This was necessary because there were problems with the Grayscale fund. Investors sometimes paid far too much or far too little for shares in this fund.
The group of Bitcoin funds is currently one of the most successful new types of ETFs, with a combined value of $58.5 billion. However, some critics believe that Bitcoin is too unstable and therefore not suitable for a wide audience, even through ETFs.
In some countries, people are not allowed to invest in cryptocurrencies at all. Large asset managers, such as Vanguard Group, also do not offer products related to crypto. BlackRock and Vanguard are the two largest asset managers in the world.
