BlackRock’s spot bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has overtaken Grayscale’s Bitcoin Trust (GBTC) as the world’s largest Bitcoin ETF.

As of May 28, IBIT holds over $20 billion in assets with 288,670 Bitcoin in its trust. This surpasses GBTC’s $19.7 billion in assets and 287,450 bitcoin holdings.

The flipping of fortunes comes just months after both ETFs launched on the same day in January amid a wave of SEC-approved bitcoin ETFs hitting the market. While GBTC bled funds, IBIT saw steady inflows that now make it the dominant player.

Grayscale has witnessed accelerating outflows as investors pivot to BlackRock’s ETF and other spot bitcoin products due to its high fees. On Tuesday alone, GBTC saw a $105 million exit while IBIT gained over $100 million.

The rise of IBIT also beats out the $11 billion Fidelity Bitcoin ETF for the top spot. Its rapid ascent to over $20 billion in assets also makes it one of the fastest-growing ETFs ever.

BlackRock is adding IBIT to its Strategic Income and Strategic Global Bond funds this week, further validating institutional demand. The asset manager now holds shares of its Bitcoin ETF across several major funds.

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With Bitcoin adoption going mainstream, asset managers like BlackRock are positioning themselves to meet surging institutional demand. The SEC’s approval of bitcoin ETFs has provided an easy on-ramp for banks, hedge funds and more.

BlackRock’s rise to become the issuer of the largest Bitcoin ETF signals the growing acceptance of Bitcoin by legacy finance. Old-guard firms increasingly see the value in offering clients access to digital asset exposure.

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