Bitcoin ETFs See Second Day With $887M in Revenue
US spot Bitcoin (BTC) exchange-traded funds (ETFs) saw their second day of combined net income of $887 million.
Fidelity Wise Origin Bitcoin Fund (FBTC) saw the biggest revenue with $378.7 million, while BlackRock's iShares Bitcoin Trust (IBIT) was second with $275 million, according to data from Farside Investors and X label HODL15Capital.
ARK 21Shares Bitcoin ETF (ARKB) was the third best performer with net income of over $138 million.
It's the highest net income they've seen since March 12, when they took a record $1.04 billion. Bitcoin hit an all-time high of $73,679 on March 13.
The Greyscale Bitcoin Trust ( GBTC ) saw a rare earnings day of $28.2 million, marking the seventh straight inflow since switching from a closed-end fund to a spot ETF in January.
GBTC has seen net inflows of over $17.8 billion, which is attributed to a higher management fee of 1.5% and a lower discount as more holders see an opportunity to exit.
The Greyscale Bitcoin Fund initially held 620,000 BTC when the Bitcoin ETF launched, but that has now fallen to 285,481 BTC, worth $20.2 billion, according to Apollo Bitcoin Tracker.
ETF Store President Nate Gerasi hit back at Bitcoin critics on X by saying there is little interest in Bitcoin ETFs.
“I'm told that all the ‘backed retail' investors who wanted to buy several months ago have done so. [and] No one is left,” Gerasi wrote. “How can this be?”
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Bloomberg ETAT analyst Eric Balchunas responded to Jerasi by saying, “The data is getting more brutal for the orange poker chip set and the Paul Krugman-ites.”
Bitcoin ETFs from Invesco Galaxy, Franklin Templeton, Wisdomtree and Hashdex saw no demand, with each issuer recording no flows for June 4.
It comes as Bitcoin has risen 2.9% to $71,000 in the past 24 hours, according to CoinGecko.
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