BlackRock's spot bitcoin ETF surpasses 300,000 BTC in AUM

BlackRock’s IBIT spot Bitcoin exchange-traded fund crossed 300,000 BTC in assets under management on Thursday, five months after trading began on Jan. 11.

IBIT overtook Grayscale’s GBTC in terms of AUM last week, catching the product that had a head start over the other spot Bitcoin ETFs in assets. GBTC originally operated as a private placement fund before transitioning to public trading on the OTC market in 2015 and its ultimate conversion to an ETF in January.

However, given the concurrent rise in bitcoin’s price since the spot ETFs launched, GBTC’s assets under management in U.S. dollar terms have fallen less — down 30% from a value of $28.7 billion on Jan. 11 to $20 billion at current prices. BlackRock’s IBIT led yesterday's net inflows, bringing in $349.9 million, with Grayscale’s GBTC witnessing $37.6 million in net outflows.

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