BlackRock Bitcoin holdings

YEREVAN (—BlackRock’s recent filings with the U.S. Securities and Exchange Commission (SEC) have revealed substantial investments in its own spot Bitcoin ETF, known as IBIT, during the first quarter of 2024. Two major funds managed by BlackRock, the Strategic Income Opportunities Fund and the Strategic Global Bond Fund, purchased IBIT shares in Q1/2024.

According to the filings, the Strategic Income Opportunities Fund (BSIIX) acquired nearly $3.56 million worth of IBIT shares. Meanwhile, the Strategic Global Bond Fund (MAWIX) bought $485,000 in IBIT shares.

BlackRock's Strategic Income Opportunities Fund Q1/2024 IBIT Investment Overview"
Source: @TOBTC
BlackRock’s Strategic Income Opportunities Fund Q1/2024 IBIT Investment Overview. Source: @TOBTC

Significant Growth in Bitcoin ETF Holdings

BlackRock’s IBIT has attracted more fresh capital than any other spot Bitcoin ETF since their launch in January 2024. Despite the Grayscale Bitcoin Trust (GBTC) holding more assets under management due to its earlier start and conversion from its flagship GBTC fund, BlackRock’s IBIT is rapidly gaining ground.

The IBIT ETF currently holds $19.61 billion worth of Bitcoin, trailing closely behind Grayscale’s $19.76 billion. With major institutional investors like Millennium Management and Schonfeld Strategic Advisors joining the ranks, the total Bitcoin held by spot ETFs globally now exceeds 1 million BTC, valued at over $68 billion. This represents nearly 5.10% of Bitcoin’s total circulating supply.

Over 600 U.S. Firms Invest in Spot Bitcoin ETFs Since January

Recent SEC filings revealed that more than 600 U.S. investment firms have purchased spot Bitcoin ETFs since their launch in January.

Prominent financial institutions, including Morgan Stanley, JPMorgan, Wells Fargo, Royal Bank of Canada, BNP Paribas, UBS, and several hedge funds, such as Millennium Management and Schonfeld Strategic Advisors, have acquired Bitcoin ETFs.

Millennium Management stands out as the largest holder of spot Bitcoin ETFs, with a total investment of $1.9 billion. This includes $844.2 million in BlackRock’s IBIT and $806.7 million in the Fidelity Wise Origin Bitcoin Fund (FBTC).

Top Bitcoin ETF Investors - Source: @Web3Duke1
Top Bitcoin ETF Investors. Source: @Web3Duke1

On May 23, BlackRock was one of eight firms to receive approval for its spot Ether ETF bid in the U.S. The SEC must now approve the firm’s Form S-1 filings for these products to begin trading.

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