We do the research, you get the alpha!
Get exclusive reports and key insights on airports, NFTs and more! Sign up for Alpha Reports now and step up your game!
Go to Alpha Reports
BlackRock's fresh new Bitcoin ETF product is quickly catching up with Grayscale in assets under management (AUM) — the gap is now under $4 billion.
BlackRock's iShares Bitcoin Trust (IBIT) as of today It has $18.1 billion. in properties. The Greyscale Bitcoin Trust (GBTC) It has $21.9 billion.. That's a difference of $3.8 billion.
Last week, the difference between the assets under management of the two funds was $6 billion. The gap closes quickly.
experts and industry observers They spoke Decrypt Last week, IBIT overturned GBTC in May – but if things continue, it could happen as soon as this month.
IBIT is highly popular after receiving a license to trade from the US Securities and Exchange Commission in January. The product comes from the world's largest and most popular asset manager. It also has low fees of 0.12% for the first 12 months and 0.25% thereafter.
GBTC may have been a big name in the crypto world for a long time before it turned into a proper ETF, but the fee is 1.5% – which means investors are spending money to switch to cheaper products, experts say. They spoke Decrypt.
The fund has been snapping up stocks because failed crypto companies have cashed in on their former clients' exposure to the product.
As a result, hundreds of millions of dollars have left the fund. But the CEO of Grayscale, Michael Sonnenshin he said. Wednesday at A Reuters He interviewed that the outflows were approaching “balance”.
Edited by Andrew Hayward.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
Stay on top of crypto news, get daily updates in your inbox.
