BlackRock’s Bitcoin ETF Reaches 250,000 BTC Holdings as Fidelity Surpasses $10 Billion in Assets Under Management
BollywoodFever, March 28: BlackRock’s IBIT, a spot Bitcoin exchange-traded fund, surpassed holdings of 250,000 BTC, valued at $17.7 billion, only 11 weeks after its trading debut on January 11.
By Tuesday, BlackRock’s ETF had amassed 245,951 BTC, and with $323.8 million (4,702 BTC) in net inflows recorded on Wednesday, according to BitMEX Research, it surpassed the significant milestone.
Larry Fink, BlackRock’s CEO, in a discussion with Fox Business’ Charlie Gasparino and Liz Claman on Wednesday, described IBIT as “the fastest-growing ETF in the history of ETFs,” expressing his astonishment at Bitcoin’s price surge.
Fidelity’s FBTC Surpasses $10 Billion in Assets
Fidelity’s FBTC ETF also marked a significant milestone, reaching over $10 billion in assets under management, equivalent to over 143,000 BTC, as indicated by The Block’s data dashboard.
FBTC became the second spot Bitcoin ETF to achieve this feat, following BlackRock’s IBIT, which hit the $10 billion AUM mark on March 1. Despite this, FBTC saw modest net inflows of $1.5 million on Wednesday.
During the same timeframe, the holdings of Grayscale’s GBTC fund declined by 45%, dropping from approximately 619,000 BTC to 340,000 BTC.
Spot Bitcoin ETFs See Renewed Inflows
Wednesday saw a rebound in net inflows into spot Bitcoin ETFs, with an addition of $243.4 million, reversing the trend of net outflows totaling around $890 million from the previous week, as per BitMEX Research data.
Leading the inflow was BlackRock’s IBIT, with $323.8 million, while Ark Invest 21Shares’ ARKB experienced its largest single-day inflow, adding $200.7 million.
Grayscale’s GBTC, known for its higher fees, continued to experience significant outflows, with an additional $299.8 million leaving, totaling $14.7 billion in outflows.
Other spot Bitcoin ETFs saw inflows under $6 million each, bringing the total net inflows to $11.9 billion.
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