BlackRock’s hot new Bitcoin ETF product has quickly caught up with Grayscale in terms of assets under management (AUM), with the difference now being less than $4 billion.
BlackRock iShares Bitcoin Trust (IBIT) as of today There are 18.1 billion dollars Among the assets. Grayscale Bitcoin Trust (GBTC) There are 21.9 billion dollars. The difference is $3.8 billion.
Last week, the difference in assets under management between the two funds was $6 billion. That gap is rapidly narrowing.
Experts and industry observers Said Decryption Last week, IBIT announced that it would reverse GBTC by May, and if things continue like this, it could happen as early as this month.
IBIT has become extremely popular since receiving trading approval from the U.S. Securities and Exchange Commission in January. This product is offered by the world's largest and most prestigious asset management company. Fees are also low at 0.12% for the first 12 months and 0.25% thereafter.
GBTC may be a huge name in the crypto world, given the long time it takes to convert into a proper spot ETF, but its fees remain at 1.5%, which means investors can buy it for less. Experts believe this means they are shelling out cash to shift to new products. Said Decryption.
The fund has also been rapidly redeeming shares as failed crypto companies exposed to the product recover cash from former customers as part of bankruptcy proceedings.
As a result, hundreds of millions of dollars were drained from the fund.However, Grayscale CEO Michael Sonnenschein Said Wednesday Reuters In an interview, he said the amount of outflows was approaching “balance.”
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
