BlackRock's Bitcoin ETF nears top spot after $380 million buy
BlackRock’s iShares Bitcoin Trust (IBIT) is on track to become the largest Bitcoin fund after purchasing over $380 million worth of the BTC this week, according to blockchain analytics platform Arkham Intelligence.
The biggest purchase occurred on May 21, with IBIT buying over $290 million in Bitcoin.
Launched in January 2024 after the SEC approved spot Bitcoin ETFs, IBIT has quickly become the second-largest Bitcoin fund.
IBIT now holds more than 284,525 BTC , worth over $19.1 billion, putting it just $300 million away from surpassing the Grayscale Bitcoin ETF, which currently holds 289,256 BTC , valued at $19.4 billion.
The recent inflows follow notable investments in IBIT, including the State of Wisconsin’s Investment Board purchasing nearly $100 million worth of shares in the first quarter of 2024, highlighting the growing institutional adoption of Bitcoin through regulated investment vehicles.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Decoding VitaDAO: A Paradigm Revolution in Decentralized Science
Mars Morning News | ETH returns to $3,000, extreme fear sentiment has passed
The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.
The central bank sets a major tone on stablecoins for the first time—where will the market go next?
The People's Bank of China held a meeting to crack down on virtual currency trading and speculation, clearly defining stablecoins as a form of virtual currency with risks of illegal financial activities, and emphasized the continued prohibition of all virtual currency-related businesses.
Trending news
MoreCrypto prices
More
