Charted: First mover vs. TradFi juggernaut
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BlackRock's iShares Bitcoin Trust (IBIT), is now the biggest ETF in the category, though the figures 👆 don't fully reflect it.
- Assets under management data hasn't caught up with flows, but a back-of-the-envelope calculation by Axios puts it at tops.
Why it matters: A TradFi firm that only recently began embracing digital assets supplanted a crypto native that has been at it for over a decade.
- Between the lines: That makes the incumbent, Grayscale's Bitcoin Trust ETF (GBTC), No. 2 now.
The intrigue: CoinShares estimated another $719 million accrued to IBIT as of May 25 — all tallied, that would push it past Grayscale.
- James Butterfill, head of research at CoinShares, said in an email that our math was correct, but discounts Grayscale's ether fund.
Reality check: Only counting bitcoin, BlackRock is the king.
What they're saying: A BlackRock spokesperson confirmed the data, telling Axios that IBIT's success is owed to "investors' preference to access bitcoin through the convenience of the ETF vehicle."
Crystal's thought bubble: Some kings don't need a maker.
