BlackRock, Bitcoin Exceeded the 300 Thousand Limit - Coin Bulletin

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BlackRock, the world's largest asset manager, has crossed a new threshold thanks to Bitcoin.

Even though the cryptocurrency market is losing value, BlackRock's spot Bitcoin ETF continues to grow.

Exceeded 300,000

BlackRock's iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, started trading on January 11th along with other ETFs. The fund has achieved great success within five months.

According to the information on the BlackRock website, a total of 302,534 Bitcoins are held in the Bitcoin ETF. 4,920 Bitcoins were added to the fund the other day.

IBIT surpassed Grayscale Bitcoin Trust (GBTC) in terms of total managed asset value last week. GBTC, which has been traded as a private fund since 2015, was converted to an exchange-traded fund (ETF) with SEC approval.

Compared to its competitors, Grayscale charges higher management fees. While Grayscale's fee is 1.5%, this rate is at 0.25% for BlackRock.

The total amount of Bitcoin held in spot Bitcoin ETFs has reached almost 883, which corresponds to 4.2% of Bitcoin's total supply of 21 million.

Spot Bitcoin ETFs in the US recorded growth for 18 consecutive days with Thursday's cash flow, setting a new record. Within a week, they grew by nearly $1.8 billion.

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