By
Bena Ilyas
May 17th, 2024
Despite Grayscale GBTC holding the largest BTC reserves, the BlackRock Bitcoin ETF IBIT remains the top choice of institutions.
The massive success of US Bitcoin ETFs within the first three months of launch makes them one of the most sought-after Bitcoin investment products currently available in the market. In no time since its launch, the spot Bitcoin ETFs are already eating into the market share of global Bitcoin exchange-traded products (ETPs).
As of now, the newly launched spot Bitcoin ETFs boast a reserve of 827,321 BTC. Despite the Grayscale Bitcoin ETF GBTC seeing massive outflows, it still holds the highest share with 291,815 BTC, which has, however, reduced by 50% since its debut. BlackRock’s iShares Bitcoin Trust (IBIT) is the second largest holder with 274,320 BTC reserves.
Additionally, the Fidelity Wise Bitcoin ETF has accumulated a reserve of 152,880 BTC. Meanwhile, the Ark 21Shares ETF (ARKB) has acquired 43,470 BTC, and the Bitwise Bitcoin ETF (BITB) holds 33,942 BTC in its fund. The VanEck Bitcoin Trust (HODL) has amassed a reserve equivalent to $9,305 BTC.
In contrast, the Valkyrie BTC ETF (BRRR) has seen inflows of 8,105 BTC, while the Invesco Galaxy Bitcoin ETF has secured a reserve of 6,633 BTC. Conversely, Franklin Templeton’s EZBC has garnered 6,003 BTC since its launch. Furthermore, WisdomTree and Hashdex Bitcoin ETFs have obtained 1,120 and 178 BTC, respectively.
BlackRock’s IBIT Remains Top Choice of Institutions
Despite, Grayscale’s GBTC still being the largest Bitcoin ETF, BlackRocks IBIT remains the top choice of institutions garnering investment from 168 asset managers worldwide. Hong Kong-based organization Yong Rong Asset Management Ltd holds the highest stake in IBIT worth a solid $40.51 million.
Another Hong Kong-based firm Ovata Capital Management Ltd. also holds a sizeable stake worth $9.7 million in BlackRock’s IBIT. This shows that the BlackRock Bitcoin fund is not only popular among US players but also overseas.
For e.g. Switzerland’s leading asset managers – Lombard Odier Darier Henstsch and Belle Capital A.G. – have invested $1.57 million and $1.03 million in IBIT, respectively.
Moreover, some of the top financial banking institutions have also been seeking exposure to spot Bitcoin ETFs. Banking giant BNY Mellon stated that it invested in spot Bitcoin ETF offerings from BlackRock and Grayscale. Similarly, Europe’s second-largest banking institution BNP Paribas has made investment into spot Bitcoin ETFs.
As per SoSo Value data, the net outflow of Bitcoin spot ETF on May 7 amounted to US$15.6439 million. Specifically, Grayscale ETF GBTC experienced a net outflow of US$28.613 million within the same day.