BlackRock Bitcoin ETF Hits Impressive Milestone Over Rivals

BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT) has achieved a remarkable milestone, surpassing its competitors in terms of corporate holder count. Since its inception date on January 11 when spot ETF gained approval from the United States Securities and Exchange Commission, BlackRock Bitcoin ETF now has 250 corporate holders.

BlackRock Bitcoin ETF Dominating

The remarkable development was reported by Eric Balchunas, Senior ETF Analyst at Bloomberg. Notably, what sets the BlackRock ETF apart is not just its impressive holdings. The outstanding fact is the sheer number of holders it has attracted within the first quarter of its launch.

What is also notable IMO is the sheer number of holders that each has so far.. $IBIT is up to 250. That's bonkers for first quarter on mkt. Here's comparison of the other ETFs launched same week-ish as btc ones. And we still have like a week of 13Fs to roll in yet. pic.twitter.com/rqs39T7WNw

— Eric Balchunas (@EricBalchunas) May 13, 2024

With a total of 250 holders, BlackRock’s iShares Bitcoin Trust has garnered substantial investor interest, which signals confidence in the potential of Bitcoin as an asset class. Among the 250 holders, Bracebridge Capital, the Boston-based investment firm, holds the largest stake in $IBIT, with holdings amounting to $100,638,773 per its latest filing with the SEC.

This sum beats the earlier reported figure filing lodged with the United States Securities and Exchange Commission (SEC) by Rubric Capital. The company with 1,722,497 units of IBIT shares, comes in at more than $69.7 million.

Overall, Bracebridge Capital has emerged as a prominent holder in the Bitcoin ETF space. The company’s investment portfolio also includes $262 million worth of Ark 21Shares ETF (ARKB) and $20 million of Grayscale Bitcoin Trust (GBTC), reflecting a strong bullish sentiment toward Bitcoin-related assets.

Implication for BTC ETF Competition

In comparison, other Bitcoin ETFs launched around the same time have also seen notable holder counts. However, their figures are far lower than BlackRock’s. Fidelity Wise Origin Bitcoin (FBTC) boasts 136 holders, while Bitwise Bitcoin (BITB) ETF has attracted 60 holders. Ark 21Shares Bitcoin ETF follows closely behind with 42 corporate holders.

The data presented by Balchunas highlights the growing investor appetite for BTC exposure through ETF. Recently, BlackRock and Fidelity recorded a staggering inflow of $900 million on March 5, amid market volatility.

Despite the growing stage of these investment vehicles, the rapid accumulation of holders highlights the increasing mainstream acceptance and adoption of Bitcoin as a legitimate investment asset.

As more institutional and retail investors seek exposure to Bitcoin, the competition among Bitcoin ETF providers is expected to intensify. With BlackRock’s Bitcoin ETF leading the pack in terms of holder count, it solidifies its position as a frontrunner.

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