IBIT overtakes GBTC as largest spot Bitcoin ETF
BlackRock's IBIT surpasses Grayscale's GBTC in assets, ending Grayscale's long dominance of exchange-traded Bitcoin exposure.
On May 29, 2024, IBIT overtakes GBTC as largest spot Bitcoin ETF. BlackRock's IBIT surpasses Grayscale's GBTC in assets, ending Grayscale's long dominance of exchange-traded Bitcoin exposure.
GBTC had dominated regulated Bitcoin investment exposure for years. IBIT's rapid overtaking of it showed how quickly lower fees and BlackRock's distribution network could reorganize the market after spot ETF approval.
The event belongs to the broader 2024 transition from scarce institutional Bitcoin access to a competitive, heavily intermediated market built around exchange-traded products.