BlackRock, a global leader in asset management, has recently surpassed Grayscale in terms of collective Bitcoin and Ether holdings on-chain across its two funds, IBIT and ETHA. This new achievement marks BlackRock as the firm with the largest amount of digital assets under management globally, amounting to over $21.2 billion, as reported by blockchain intelligence firm Arkham.
The two funds offered by BlackRock, IBIT and ETHA, focusing respectively on Bitcoin and Ethereum, hold slightly more assets than Grayscale’s four funds. Despite offering fewer funds, BlackRock’s total assets under management surpasses Grayscale’s $21.3 billion with a total of $21.6 billion.
Major financial institutions are also showing increased interest in BlackRock’s offerings. Morgan Stanley recently revealed that it had sold nearly all of its $269.9 million stake in GBTC, Grayscale’s Bitcoin fund, and transitioned to holding 5.5 million shares in IBIT, valued around $187.1 million. Similarly, Goldman Sachs reported nearly 7 million shares in IBIT, although it maintains a $35 million stake in Grayscale’s fund alongside investments in other Bitcoin ETFs.
BlackRock’s success lies mainly in its spot Bitcoin fund, IBIT, which, according to Nate Geraci, President of The ETF Store, has only had one day of net outflows since its launch. However, BlackRock’s Ethereum fund, ETHA, has not seen as much success, ranking as the third largest fund by assets under management and registering four days of net zero trading since its launch just a month ago.