BlackRock adds $4.1 million to two funds IBIT Spot Bitcoin ETF

BlackRock, a leading global asset manager, made overweights in two of its funds during the first quarter of 2024: BlackRock Strategic Income Opportunities Portfolio (BSIIX) and BlackRock Strategic Global Bond Fund (MAWIX), $3.6 million and $486,000 worth of iShares Bitcoin Trust (IBIT) shares were added to them respectively, for a total value of $4.1 million. This increase in holdings reflects BlackRock’s positive attitude towards Bitcoin (BTC) investment.

BlackRock had previously disclosed plans to add IBIT to its other funds in a March 8 filing, according to a filing with the U.S. Securities and Exchange Commission (SEC) on May 28. Additionally, BlackRock reported in a May 10 13F filing that it owned $6.6 million worth of IBIT stock.

Hundreds of companies hold shares in IBIT

BlackRock’s holding increase is not isolated. According to Fintel data on May 28, at least 422 companies have disclosed IBIT holdings. Bloomberg ETF analyst Eric Balchunas commented that for nascent ETFs, even having 20 holders is significant. As the most popular spot ETF, IBIT has attracted the attention of a large number of investors, among which Millennium Management and Schonfeld Strategic Advisors have the largest holdings, with US$844.2 million and US$248 million respectively.

In addition, some global systemically important banks (G-SIBs), including JPMorgan Chase, Bank of America, Bank of New York Mellon, BNP Paribas, UBS and Royal Bank of Canada, have also invested in IBIT.

IBIT ranks first

IBIT continues to lead in terms of outflows, with net flows reaching $16.4 billion as of May 24, twice the second-highest net flow to date of Fidelity FBTC. As of May 28, IBIT reported $17.2 billion in assets under management (AUM), accounting for 31% of the total AUM of all spot Bitcoin ETFs. Although Grayscale’s GBTC surpasses IBIT with $20 billion in AUM, accounting for 37% of the total, it has seen $17.7 billion in net outflows since launch.

BlackRock’s accumulation of holdings, as well as IBIT’s strong performance, further proves the attractiveness of Bitcoin as an investment asset and the trend of the cryptocurrency market integrating with traditional financial markets. With the participation of more and more investors and capital, the cryptocurrency market is expected to usher in a more mature and stable development.

Conclusion:

BlackRock’s increase in IBIT’s holdings not only reflects its confidence in Bitcoin investment, but also marks the recognition and participation of traditional asset management giants in the cryptocurrency market. This action may attract more institutional investors to enter the Bitcoin ETF market and further promote the maturity and stability of the market.

As more capital flows in, the size and influence of the Bitcoin ETF market is expected to continue to expand, providing investors with more investment opportunities and choices. At the same time, this will also promote the supervision and standardization of the cryptocurrency market and lay the foundation for the long-term healthy development of the market.

This move by BlackRock has undoubtedly injected new impetus into the development of the Bitcoin ETF market, and also provided a positive demonstration for the integration of cryptocurrency and traditional finance.

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