Since the approval of spot Bitcoin exchange-traded funds (ETFs), these investment vehicles have seen impressive growth in their first six days of trading. The newly launched Bitcoin ETFs have accumulated a staggering number of bitcoins, with assets under management (AUM) surpassing $3.96 billion. This article delves into the data surrounding these ETFs and the significant influx of bitcoins they have garnered.
Data shared by Eric Balchunas, a senior ETF analyst at Bloomberg, reveals that the Newborn Nine ETFs have collectively acquired over 95,297 BTC since their launch on January 11, 2024. When combined with the holdings of the Grayscale Bitcoin Trust (GBTC), which recently transitioned into an ETF, the total amount of BTC held by these investment vehicles reaches an impressive 647,374 BTC.
Among the Newborn Nine ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) takes the lead with 33,706 BTC, followed closely by Fidelity’s Wise Original Bitcoin Fund (FBTC) with 30,384 BTC. Bitwise’s BITB secures the third position, holding 10,235 BTC, followed by Ark Invest/21 Shares’ ARKB with 9,134 BTC. Invesco’s BTCO (6,192 BTC), the VanEck Bitcoin Trust (HODL) (2,566 BTC), the Valkyrie Bitcoin Fund (BRRR) (1,726 BTC), and Franklin Templeton’s EZBC (1,169 BTC) have comparatively lower BTC holdings. The WisdomTree Bitcoin Fund (BTCW) lags behind, with only 182 BTC in assets.
GBTC, which has been in existence since 2013, boasts an overwhelming 552,077 BTC, making it the ETF with the highest BTC holdings. Despite experiencing $590 million in outflows on Friday, GBTC was still surpassed in terms of BTC acquisitions by several of the Newborn Nine ETFs. Balchunas explains that these newer ETFs, including IBIT, FBTC, BTCO, and HODL, have experienced their “best hauls to date.”
Combined, the total net flows into the Newborn Nine ETFs currently amount to approximately $1.2 billion, with an AUM approaching $4 billion. In comparison, GBTC’s AUM stands at $2.8 billion, constituting a 14% share. Balchunas speculates that only a small fraction of the outflows from GBTC will flow into the newly launched ETFs, as a significant portion of GBTC’s holdings belonged to the bankrupt crypto exchange FTX and various traders. He notes that “the proportionality of the flows to the size of the firm is almost perfect,” indicating that these inflows are due to marketing efforts and the distribution of the new ETFs.
The first week of trading for spot Bitcoin ETFs has been highly successful, attracting billions of dollars in assets and accumulating a substantial number of bitcoins. The Newborn Nine ETFs, along with the prominent GBTC ETF, now hold a combined total of 647,374 BTC. As the popularity of Bitcoin investment products continues to surge, the influx of capital into these ETFs signifies growing investor interest and confidence in the cryptocurrency market.