BlackRock, the world’s largest asset manager, has surpassed Grayscale to become the leader in crypto exchange-traded funds (ETFs) by assets under management (AUM), according to blockchain intelligence firm Arkham. With only two funds, IBIT (spot Bitcoin) and ETHA (spot Ethereum), BlackRock’s total AUM has reached $21.6 billion, slightly edging out Grayscale’s $21.3 billion across four funds: GBTC, BTC Mini, ETHE, and ETH Mini.
Recent data reveals that major institutions are shifting their positions. Morgan Stanley recently sold nearly all of its $269.9 million stake in GBTC and now holds 5.5 million shares of IBIT, valued at approximately $187.1 million. Goldman Sachs also disclosed it holds nearly 7 million IBIT shares, worth around $235 million, while maintaining smaller holdings in Grayscale’s converted fund and other Bitcoin ETFs.
Nate Geraci, president of The ETF Store, noted that BlackRock’s IBIT spot Bitcoin ETF has seen only one day of net outflows since its launch, with 26 days of zero net inflows or outflows. While IBIT leads Grayscale’s spot Bitcoin funds, BlackRock’s spot Ethereum ETF, ETHA, ranks as the third-largest Ethereum ETF by AUM. ETHA has yet to experience negative outflows but has logged four days of net-zero trading activity since its debut on July 22.