In a remarkable display of institutional adoption, BlackRock and Fidelity have amassed a staggering 428,108 Bitcoin (BTC) worth over $27 billion for their spot Bitcoin exchange-traded funds (ETFs).
BlackRock’s IBIT spot Bitcoin ETF has crossed the 250,000 BTC ($17.7 billion) mark in assets under management, just 11 weeks after its launch on January 11. This makes IBIT the fastest-growing ETF in history, according to BlackRock CEO Larry Fink.
Meanwhile, Fidelity’s FBTC spot Bitcoin ETF has also surpassed the $10 billion AUM threshold, equivalent to more than 143,000 BTC. FBTC and IBIT have collectively accumulated over $27 billion in Bitcoin holdings, solidifying their positions as the market leaders in the burgeoning spot Bitcoin ETF space.
The rapid growth of these two ETFs underscores the increasing institutional appetite for Bitcoin exposure. Despite recent outflows, the spot Bitcoin ETF market has amassed over $12 billion in net inflows since its inception in January.
The success of IBIT and FBTC has also prompted regulatory action, with Hong Kong recently approving three spot Bitcoin and Ether ETFs to begin trading, potentially triggering a fee war similar to the one seen in the U.S. market.
As the institutional adoption of Bitcoin continues to accelerate, the dominance of BlackRock and Fidelity in the ETF space is likely to solidify, further cementing the cryptocurrency’s mainstream acceptance.
