BlackRock, the largest firm in the field of asset management, has surpassed Grayscale to become the leading manager of digital asset funds. This achievement is attributed to substantial inflows into its exchange-traded funds (ETFs) during the past several months.
Since receiving clearance from the US Securities and Exchange Commission (SEC) in January, IBIT, BlackRock’s Bitcoin ETF, has experienced a net inflow of $20.37 billion.
Over the last 24 hours, the Exchange-Traded Fund (ETF) has experienced a total of $2.68 million in incoming investments, resulting in a current net asset value of $20.55 billion.
The conversion of Grayscale’s Bitcoin Trust (GBTC) into a spot BTC ETF has resulted in a significant outflow of $19.55 billion, with $56.87 million being withdrawn from the investment vehicle. The primary reason for the outflows is the substantial fees imposed by Grayscale, which are the largest among the issuers of spot Bitcoin ETFs.
ETHA, the ETF managed by BlackRock, has officially reported a cumulative inflow of $966.52 million since receiving permission from the Securities and Exchange Commission in May.
The total assets under management for ETHA currently stand at $847 million, with an additional $16.13 million in recent inflows. Grayscale’s Ethereum Trust (ETHE) has verified that it has experienced withdrawals totaling $2.34 billion after being transformed into a spot ETF.
Although the whole crypto market is experiencing a substantial decline, Grayscale’s ETH ETF has accumulated net assets valued at $5.05 billion, with a cost of 2.5%, which is considerably more than ETHA’s fee of 0.15%.
BlackRock is considering establishing its blockchain to improve transparency, reduce costs, and enhance efficiency. This move aligns with Token Terminal’s categorization of crypto assets into conventional, stablecoin, and tokenized assets, highlighting BlackRock’s growing interest in blockchain technology’s potential to revolutionize finance.
