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BlackRock Bitcoin holdings have surged past 700,000 BTC, securing its position as the undisputed leader in the ETF race.
Just 18 months after its January 2024 debut, BlackRock’s IBIT spot Bitcoin ETF now manages over $76 billion in BTC. That’s more than 56% of the total 1.25 million BTC held by all U.S. spot Bitcoin ETFs combined.
The recent milestone was confirmed on July 7, when IBIT received a net inflow of about 1,510 BTC following the U.S. Independence Day holiday. Fund tracking data shows IBIT hit 698,919 BTC by July 3, before crossing the 700,000 mark. IBIT now stands as BlackRock’s third-highest revenue-generating ETF, out of a pool of nearly 1,200 funds.
BlackRock’s rapid ascent is turning heads. Nate Geraci of NovaDius Wealth Management called it “ridiculous” that the ETF reached 700,000 BTC in just a year and a half. Analysts say this performance reflects massive investor demand for Bitcoin exposure in traditional finance.
BlackRock Bitcoin holdings crush competitors
IBIT not only overtook Grayscale’s GBTC — once the largest Bitcoin fund — but has also outperformed Fidelity’s FBTC, now sitting in second place with just over 200,000 BTC. GBTC, by contrast, has seen a 70% drop in BTC holdings since its ETF conversion, now managing around 184,226 BTC.
GBTC’s shift from a private fund to a public ETF was once seen as an industry milestone. However, higher fees and consistent outflows have eroded its dominance. Meanwhile, IBIT’s low fees, consistent inflows, and robust structure have attracted a broad base of institutional and retail investors alike.
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BlackRock leads the way
U.S. spot Bitcoin ETFs have now crossed $50 billion in total net inflows, according to data from The Block. Of that, BlackRock’s IBIT accounts for a stunning $52.9 billion in gross inflows. This figure is even more striking when compared to GBTC’s $23.3 billion in net outflows over the same period.
BlackRock Bitcoin holdings also dominate by daily trading volume. On the day it crossed the 700,000 BTC milestone, IBIT made up nearly 80% of all ETF trading volume — around $2.9 billion. That kind of activity speaks volumes about investor confidence and the liquidity of the IBIT fund.
As U.S. ETFs now hold nearly 6% of Bitcoin’s total 21 million supply, questions are growing about how much more traditional capital could flood in. With BlackRock at the forefront, the future of Bitcoin ETFs appears more dynamic than ever.
