IMPORTANT POINTS:
- BlackRock overtakes Grayscale in assets with its Bitcoin and Ethereum ETFs.
- Morgan Stanley and Goldman Sachs are leaning towards BlackRock’s IBIT funds.
- BlackRock’s IBIT has only recorded one day of net outflows since launch.
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BlackRock (BLK), recognized as the world’s largest asset manager, has reached a new milestone: its digital asset exchange-traded funds (ETFs) have surpassed those offered by Grayscale in terms of total assets under management (AUM).
While BlackRock only offers two funds, IBIT (Bitcoin spot) and ETHA (Ethereum spot), the combined assets under management (AUM) of both funds, which total $21.6 billion, slightly exceeds the $21.3 billion managed by Grayscale’s four funds: GBTC, BTC Mini, ETHE and ETH Mini , according to blockchain intelligence firm Arkham.
Morgan Stanley (MS) recently disclosed that it had sold nearly all of its $269.9 million position in GBTC and now owns 5.5 million IBIT shares, valued at approximately $187.1 million at current prices.
Last week, Goldman Sachs also revealed that it owns nearly 7 million IBIT shares valued at nearly $235 million at current prices, though it also holds about $35 million in the converted Grayscale fund and about $150 million worth of shares in other spot Bitcoin ETFs.
BlackRock consolidates its market leadership
Nate Geraci, president of investment advisory firm The ETF Store, noted on X that BlackRock’s Bitcoin spot ETF, IBIT, has only had one day of net outflows since launch. Data from SoSoValue supports Geraci’s claim, though the ETF has also recorded 26 days with no net inflows or outflows to date.
While IBIT maintains a significant lead over Grayscale’s spot Bitcoin ETFs, BlackRock’s spot Ethereum offering, ETHA, is only the third-largest such fund in terms of assets under management, according to data from SoSoValue.
ETHA has yet to record a single day of negative outflows, although it has had four days of zero net trading since its launch nearly a month ago on July 22.
