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BlackRock’s IBIT Emerges as Leading Spot Bitcoin ETF with $14.7 Billion in AUM

BlackRock’s iShares Bitcoin ETF (IBIT) has taken the lead in the expanding Bitcoin ETF market, amassing 203,754 BTC for investors in under three months. As of March 11, IBIT boasts an impressive notional value of $14.7 billion, making it the largest Bitcoin (BTC) ETF among the nine new funds approved by the U.S. SEC on January 10.

Excluding Grayscale’s converted GBTC ETF, IBIT stands out as the frontrunner in the market. Fidelity’s FBTC follows closely behind, with $9.2 billion in assets under management (AUM), according to SoSoValue analytics. Together, these two issuers have accumulated over $17 billion in cumulative net inflows from eligible investors, surpassing their competitors by a significant margin.

Despite BlackRock’s dominance in the BTC ETF space, Michael Saylor’s MicroStrategy holds the title for the largest BTC stash among new ETF issuers, owning 205,000 BTC.

IBIT’s initial success has sparked further interest from BlackRock in expanding its Bitcoin ETF offerings. The asset management giant has sought SEC approval to purchase additional spot BTC ETFs and integrate them into its Global Allocation Fund. Furthermore, BlackRock has expanded its BTC ETF footprint beyond the U.S., venturing into emerging markets such as Latin America. The company recently launched iShares Bitcoin Trust ETF’s Depositary Receipts in collaboration with Brazil’s B3 stock exchange.

However, while IBIT’s success has been noteworthy, BlackRock’s plans for a spot Ethereum (ETH) ETF face uncertain prospects. Despite filing for spot Ethereum ETFs alongside BTC counterparts, the SEC has delayed approving or denying these filings until May. Analysts speculate on slim chances of approval by the May deadline, citing a lack of dialogue between the SEC and issuers like BlackRock. Nevertheless, reports suggest that meetings between the SEC and issuers are expected to take place this month, providing a glimmer of hope for the Ethereum ETF’s approval.

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