The spot Bitcoin exchange-traded fund (ETF) iShares Bitcoin Trust (IBIT), owned by BlackRock, has been standing out in the cryptocurrency community, scaling new heights and emerging in growth since it debuted on the markets on January 11.

Renowned cryptocurrency analyst Ali Martinez noted on March 24 that almost three months into trading, BlackRock’s Bitcoin ETF has already reached a fairly significant milestone. Martinez highlighted that BlackRock’s Bitcoin ETF currently holds more BTC than exchanges OKX and Kraken combined.

“BlackRock’s Bitcoin ETF launched in mid-January 2024 and now holds more $BTC than OKX and Kraken combined, launched in 2017 and 2011, respectively,” he wrote.

According to the images shared by the cryptocurrency specialist, OKX currently holds 132.5 thousand bitcoins and Kraken, 77.3 thousand BTC, while IBIT holds 243.13 thousand Bitcoin. IBIT is second only to Grayscale ETF.

BlackRock ETF Comes Close to Overtaking Grayscale in Bitcoin

In a notable turnaround in the cryptocurrency markets, BlackRock’s iShares Bitcoin Trust is on track to overtake the Grayscale Bitcoin Trust (GBTC) in terms of Bitcoin holdings. According to recent data, BlackRock’s ETF holds a staggering 238,500 Bitcoins, valued at around $15.5 billion, with average daily inflows signaling vigorous investor interest.

With around 4,120 new Bitcoins being added to the fund each day, BlackRock is quickly closing in on Grayscale, which currently holds approximately 350,252 BTC, or $23 billion in value. However, Grayscale has been facing average daily outflows of 4,140 BTC, indicating a possible change in preference among institutional investors.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


Leave a Reply