Financial institutions are holding diligence and research conversations, with BlackRock playing an educational role, said Robert Mitchnick, the firm's head of digital assets.While becoming the biggest spot bitcoin ETF would be an impressive milestone, BlackRock says it isn’t really focused on the size competition with Grayscale’s GBTC.after 71 straight days
The coming months will probably see financial institutions such as sovereign wealth funds, pension funds and endowments start to trade in the spot ETFs, Mitchnick said in an interview.
A lot of social media focus has been on the ETF assets under management horse race, and in particular the comparison between IBIT and Grayscale’s GBTC, which can be considered an incumbent because the existing BTC trust uplisted to an ETF. At last count IBIT stood at $17.2 billion and GBTC at about $24.3 billion.
There are also existing bitcoin holders who would rather own the cryptocurrency in a brokerage account and not have to worry about custody, tax reporting complexities and other challenges associated with holding bitcoin on an exchange, Mitchnick said. And while becoming the biggest spot bitcoin ETF would be an impressive milestone, BlackRock isn’t really focused on that competition, but rather on educating its clients, he said.
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