Bitcoin
BlackRock ETF becomes the world’s largest bitcoin fund, reports Bloomberg News
By Suzanne McGee
(Reuters) – BlackRock’s iShares Bitcoin Trust has become the world’s largest fund for the world’s largest cryptocurrency, accumulating nearly $20 billion in total assets since it listed in the U.S. in January, Bloomberg News reported on Wednesday.
The exchange-traded fund held $19.68 billion worth of tokens as of Tuesday, surpassing the Grayscale Bitcoin Trust’s $19.65 billion, the report said, citing data compiled by Bloomberg.
Reuters was unable to independently verify these figures. Grayscale’s product website cites its assets under management as $19.75 billion. A spokesperson could not be reached for comment.
When the nine new ETFs were launched in January, Grayscale’s fund had about $29 billion in assets.
Market analysts have been keeping a close eye on relative flows into the BlackRock ETF and out of the Grayscale Bitcoin Trust since U.S. regulators approved the launch of nine new ETFs and the conversion of Grayscale’s publicly traded fund into an exchange-traded product. on January 10th. .
The Securities and Exchange Commission, led by crypto skeptic Gary Gensler, rejected spot bitcoin ETFs for more than a decade due to market manipulation concerns, but approved them in January after Grayscale Investments won a court challenge that year. past.
This proved to be a short-lived victory for Grayscale, which has been hit by constant outflows since its newly converted ETF began trading on January 11.
BlackRock’s growing dominance in the new ultra-competitive bitcoin spot landscape “is a reminder that being the first to act doesn’t necessarily mean someone ends up as the biggest winner,” said Aniket Ullal, head of ETF data and analytics at CFRA. First-time incumbents may have inherited disadvantages, he noted.
From the start, Grayscale has battled headwinds ranging from selling pressure and a 1.5% fee, notably higher than the average of around 0.25% charged by its new rivals, which also include the likes of Fidelity Investments. and ARK Investments.
Meanwhile, CFRA’s Ullal noted that BlackRock has benefited from its strong distribution network among independent financial advisors and wealth managers.
“We are seeing significant assets moving into the ETF from the wealth community” as well as individual advisors, Jay Jacobs, head of U.S. asset and thematic ETFs, told Reuters on Tuesday, ahead of the Bloomberg report.
“Many of the early adopters have moved from direct ownership of digital assets to IBIT,” Jacobs added. “Some of these accounts had millions of dollars” invested in the cryptocurrency.
The story continues
While some hedge funds reported large positions in the new ETFs at the end of the first quarter, other institutional investors were slower to adopt the new bitcoin ETFs.
“We know this will be the longest process,” Jacobs said of these institutional buyers. “In some cases, it can take years.”
(Reporting by Suzanne McGee, additional reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Vijay Kishore and Chizu Nomiyama)
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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