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As institutional adoption grows, a Wall Street giant has taken the crown for the worldās largest digital asset manager from a crypto-native company.
BlackRockās spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have overtaken Grayscaleās offerings for the first time to become the largest crypto-focused publicly listed funds in terms of assets under management (AUM).
BlackRock is now ahead of Grayscale in terms of ETF holdings.
According to data from on-chain analytics firm Arkham Intelligence, BlackRockās ETF is currently top of the table with $21,217,107,987 assets under management (AUM) as of Friday, while Grayscale held $21,202,480,698 across its ETFs. This marks a considerable difference of nearly $15 million between the two giant asset managers.
On-chain holdings indicate that BlackRockās BTC ETF, IBIT, and ETH ETF, ETHA, surpassed Grayscaleās GBTC, ETHE, and even the firmās scaled-down āminiā versions of its ETF.
With this new development, the Larry Fink-helmed company has the largest collective holding of any crypto ETF provider on the market. The milestone achievement follows the top asset manager recently surpassing the $20 billion net inflows milestone ā an indication that BlackRock has posted more investment than all the ETFs launched in 2024.
Meanwhile, Grayscaleās GBTC has bled $19.57 billion worth of BTC since the trust was converted into a spot BTC ETF in January.
As we reported previously, the Bitcoin ETFs, led by BlackRockās trailblazing IBIT, are on track to collectively become the largest holders of the preeminent cryptocurrency, beating none other than the pseudonymous Satoshi Nakamoto.
According to CoinGecko data, Bitcoin is up 2.6% on the day to $59,406.
Despite the stellar performance of its IBIT and ETHA, BlackRock is keeping off other altcoins such as Rippleās XRP and Solana (SOL).
As reported by ZyCrypto, Samara Cohen, BlackRockās chief investment officer for ETF and index investments, said Bitcoin and Ethereum will be the only two cryptos traded by the firmās investors via ETFs in the near future. Prior to that, Robert Mitchnick, the head of digital assets at BlackRock, revealed that there was virtually no demand for other altcoins among the asset managerās clients.
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