BlackRock Surpasses Grayscale in Digital Asset ETFs

BlackRock, the world’s largest asset manager, has achieved a significant milestone by surpassing Grayscale in total assets under management (AUM) for its digital asset exchange-traded funds (ETFs).

Asset Management Overview

Despite offering only two funds—
– IBIT (spot Bitcoin)
– ETHA (spot Ethereum)

the combined AUM of these funds has reached $21.6 billion, slightly exceeding Grayscale’s $21.3 billion, which is split across four funds: GBTC, BTC Mini, ETHE, and ETH mini. This information comes from blockchain intelligence firm Arkham.

Changes in Institutional Holdings

Recent disclosures from Morgan Stanley reveal that it sold nearly its entire $269.9 million position in GBTC and now holds 5.5 million shares of IBIT, valued at approximately $187.1 million. In a similar turn, Goldman Sachs disclosed nearly 7 million IBIT shares, worth about $235 million, while also retaining around $35 million in Grayscale’s converted fund and $150 million in other spot Bitcoin ETFs.

Performance Insights

Nate Geraci, president of the investment advisor The ETF Store, indicated on X that BlackRock’s IBIT spot Bitcoin ETF has recorded only one day of net outflows since its launch. Supporting this, SoSoValue’s data confirms minimal fluctuation, showing 26 days of zero net inflows/outflows.

While IBIT leads Grayscale’s spot Bitcoin offerings, BlackRock’s ETHA stands as the third largest spot Ethereum fund by assets under management. Notably, ETHA has shown no days of negative outflows, though it has experienced four days of net zero trading since its launch on July 22, just under a month ago.