BlackRock's spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), has surpassed Grayscale's Bitcoin Trust (GBTC) to become the world's largest Bitcoin ETF.

As of May 28th, IBIT manages over $20 billion in assets with a holding of 288,670 Bitcoin. This exceeds GBTC's $19.7 billion in assets and 287,450 Bitcoin holdings.

The shift occurred just months after both ETFs were launched simultaneously in January, amidst a surge of SEC-approved Bitcoin ETFs entering the market. 

While GBTC experienced fund outflows, IBIT enjoyed consistent inflows, securing its dominant position.

Grayscale has seen accelerating withdrawals as investors move to BlackRock's ETF and other spot Bitcoin products due to GBTC's high fees. On Tuesday alone, GBTC saw $105 million exit, while IBIT gained over $100 million.

IBIT's rise has also overtaken the $11 billion Fidelity Bitcoin ETF for the top position. Its swift growth to over $20 billion in assets makes it one of the fastest-growing ETFs ever.

BlackRock is incorporating IBIT into its Strategic Income and Strategic Global Bond funds this week, highlighting strong institutional interest. 

The asset manager now holds shares of its Bitcoin ETF across several major funds.

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