Bitcoin ETF battle heats up as BlackRock closes in on Grayscale

It has been three months since spot bitcoin ETFs began trading and BlackRock's fund appears to be on pace to usurp Grayscale's as the biggest of the crypto-based investment vehicles on offer.

As Grayscale's GBTC fund, which charges a higher fee than BlackRock's, has consistently shed capital since it began trading, BlackRock's ETF has been slowly narrowing the gap in terms of assets under management, or AUM. Grayscale's fund had about $23.4 billion in AUM two months ago compared to BlackRock's $4.4 billion, according to The Block Data Dashboard.

In terms of trading volume, Grayscale’s fund has also been gradually losing market share, down from about 50% when the spot bitcoin ETFs launched on Jan. 11 to 23.5% as of Tuesday.

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