Summary
TLDR: BlackRock’s IBIT Bitcoin Trust is quickly catching up to Grayscale’s GBTC in assets under management, with a difference of $3.8 billion. IBIT’s popularity and lower fees are attracting investors away from GBTC, which is experiencing outflows due to failed crypto companies redeeming shares. Experts predict IBIT could surpass GBTC in assets by May or even sooner.
Key Points
1. BlackRock’s iShares Bitcoin Trust (IBIT) is quickly catching up to Grayscale’s Bitcoin Trust (GBTC) in terms of assets under management (AUM), with the gap now standing at under $4 billion.
2. Experts predict that IBIT may flip GBTC in terms of AUM by May, but the gap is closing quickly and it could happen sooner.
3. IBIT has been popular since receiving approval to trade from the U.S. Securities and Exchange Commission in January, offering lower fees compared to GBTC, which has a fee of 1.5%.