BlackRock’s ETFs Surpass Grayscale in Crypto Assets

In a significant shift within the cryptocurrency investment landscape, BlackRock’s spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) have officially overtaken Grayscale’s offerings, marking the first time this has occurred. As of Friday, BlackRock’s ETFs, namely the IBIT for bitcoin and ETHA for ether, have emerged as the largest crypto-focused publicly traded funds based on assets under management.

According to on-chain analysis from Arkham, the total holdings of BlackRock’s ETFs have surpassed those of Grayscale’s products, including GBTC, BTC Mini, ETHE, and ETH Mini. Specifically, BlackRock’s cumulative ETF holdings have reached over $21.217 billion, while Grayscale’s assets total $21.202 billion.

Recent data on fund flows reveals that Grayscale’s GBTC experienced outflows amounting to $25 million on Thursday, whereas BlackRock’s ETFs recorded no significant net inflows or outflows during the same period. Additionally, Grayscale’s ETHE saw a substantial net outflow of $42 million, while BlackRock’s ETHA garnered $740,000 in net inflows, as reported by SoSoValue data.

BlackRock’s IBIT became the largest bitcoin ETF by assets under management back in May and impressively crossed the $20 billion threshold in June following its launch in January. In stark contrast, Grayscale’s GBTC has faced significant losses, shedding approximately $19.57 billion worth of bitcoin since the beginning of the year, according to available data.