BlackRock’s IBIT Extends Spot Bitcoin ETF Lead With More Than 100,000 BTC Under Management
Data published on February 13 revealed that BlackRock’s IBIT spot Bitcoin ETF had amassed over 100,000 bitcoins, positioning the firm as a clear leader in the closely contested sector. Here’s everything you need to know.
According to official data shared by the asset manager, BlackRock’s iShares Bitcoin Trust (IBIT) holds an astronomical 105,280.3 BTC in its portfolio. The bitcoin haul is worth over $5.4 billion in market valuations.
The IBIT spot Bitcoin ETF also includes a minor fiat component totaling $80,698.75.
Zooming in on the number of shares, the ETF currently has over 167.24 million outstanding shares locked in.
Spot Bitcoin ETFs are increasingly the go-to choice for mainstream investors. They address issues like storing crypto assets and dealing with fraudulent service providers.
In addition to BlackRock, other asset managers such as Fidelity, BitWise, VanEck, and Ark 21Shares have also launched their spot Bitcoin ETF funds.
BlackRock’s IBIT has been the most popular, however, as it has surged 3,700% from its opening 2,621 BTC on January 11 to its current 105,280 BTC stash.
IBIT is a new player in the exchange-traded product (ETP) ecosystem. From the onset, Bitcoin-powered investment services were made popular by Grayscale Bitcoin Trust (GBTC).
GBTC has seen its Bitcoin holdings greatly dwindle, however. This is likely because the company charges 1.5% in fees, much higher than Fidelity’s 0.35% or BlackRock’s 0.25%.
According to official data on its website, GBTC now holds 463,475 BTC, down from the 619,220 it held following its launch on January 11.
Given the competitive rates it offers, IBIT has enjoyed the most in digital asset investment inflows in the past month.
According to a blog post by Farside Investors, the
Read more on cryptonews.com
