BlackRock Surpasses Grayscale to Become Largest Crypto ETF Provider with $21.2 Billion in AUM

BlackRock has officially become the largest provider of crypto exchange-traded funds (ETFs) in terms of assets under management (AUM). This is a significant shift, as they have now surpassed Grayscale, the long-time leader in this space.

According to blockchain intelligence firm Arkham, BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF (ETHA) now hold a total of $21.2 billion. That’s $14.6 million more than Grayscale’s combined holdings, which include Bitcoin Trust (GBTC), Ethereum Trust (ETHE), Bitcoin Mini Trust (BTC), and Ethereum Mini Trust (ETH), totaling $21.2 billion as well.

It’s important to note that Arkham did not include the Grayscale Digital Large Cap Fund (GDLC) in this comparison. Why? Because GDLC isn’t classified as an ETF. Arkham explained, “Our ‘Grayscale’ entity still shows a higher balance than ‘BlackRock’ mainly due to Grayscale’s fund GDLC, which has around $460 million in AUM and is not an ETF.”

On top of that, BlackRock is now the third-largest holder of Bitcoin in the world. Bloomberg ETF analyst Eric Balchunas pointed out that BlackRock is on track to hold more Bitcoin than even Satoshi Nakamoto, the pseudonymous creator of Bitcoin. He stated, “BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time.”