BlackRock has solidified its dominance in the spot bitcoin ETF market, capturing a significant portion of the digital currency's circulation.
Through its iShares Bitcoin Trust (IBIT), the firm now controls 3% of the 19 million bitcoins in circulation, equivalent to 683,018 BTC valued at $71 billion. In just a year and a half since its launch on the US stock exchange, IBIT has become the largest bitcoin ETF in the world, surpassing its competitors.
Amount of bitcoin held by BlackRock. Source: Bitcoin Treasuries.
Among the 11 bitcoin ETFs trading on Wall Street, IBIT clearly leads the way. Fidelity Wise Origin Bitcoin Fund (FBTC) is in second place with 196,264 BTC, followed by Grayscale Bitcoin Trust (GBTC) with 185,234 BTC.
It is worth noting that Grayscale, before the arrival of cash ETFs, managed 621,000 BTC (as a secondary market investment fund), but lost ground after the approval of these financial instruments.
The rise of IBIT reflects growing interest in Bitcoin among institutional investors. In this context, Michael Saylor, president of Strategy, a company recognized for holding the largest amount of BTC in public company treasuries, stated that IBIT could become "the world's largest ETF in ten years".
