BLK - BlackRock Officially Becomes The Largest Spot Bitcoin ETF Custodian

2024-05-29 09:30:30 ET

%BlackRock (NYSE: ) has surpassed rival Grayscale to officially become the largest custodian of spot %Bitcoin (CRYPTO: ) exchange-traded funds (ETFs).

BlackRock took the crown from Grayscale after its iShares Bitcoin Trust (NASDAQ: ) attracted $102 million U.S. of investor capital on May 28, bringing its total holding of Bitcoin to $20 billion U.S.

In contrast, the Grayscale Bitcoin Trust (GBTC) holds $19.70 billion U.S. of the digital token, having experienced an outflow of $105 million U.S. on May 28.

Since regulators approved spot Bitcoin ETFs in January of this year, investors have poured $16.50 billion U.S. into the BlackRock fund while withdrawing $17 billion U.S. from Grayscale.

Buying activity in the iShares Bitcoin Trust has increased in recent days amid bullish sentiment towards Bitcoin and the broader %Cryptocurrency market.

Sentiment has improved after the U.S. Securities and Exchange Commission (SEC) approved spot %Ethereum (CRYPTO: ) ETFs earlier in May.

In the past week, U.S.-listed spot Bitcoin ETFs reached a new record of holdings with more than 850,000 Bitcoin in custody, surpassing the previous high of 845,000 set in April of this year.

The price of Bitcoin has risen 54% year to date and currently trades at $67,900 U.S. per token.