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BlackRock’s Bitcoin Trust goes beyond grayscale to become the largest cryptocurrency fund in the world
06/23/2024 05:58:37
(MENAFN) BlackRock’s Acher’s Bitcoin Trust has reached the milestone of becoming the largest cryptocurrency fund globally, amassing around $20 billion in assets since its listing in the United States earlier this year. According to a Bloomberg report on Wednesday, data compiled by the financial news agency revealed that the exchange traded fund (ETF) reached a total asset size of $19.68 billion on Tuesday, surpassing the assets held by Grayscale Bitcoin Trust, which amounts to approximately $19.65 billion.
This significant achievement marks a shift in the landscape of cryptocurrency investment vehicles, with BlackRock’s Bitcoin Trust surpassing the long-standing dominance of Grayscale’s offering. The Securities and Exchange Commission (SEC), led by crypto-skeptic Gary Gensler, had previously rejected Bitcoin-focused ETFs for more than a decade due to concerns about market manipulation. However, in January, the SEC approved such ETFs after Grayscale Investments won a favorable court ruling the previous year.
The SEC’s approval of Bitcoin-focused ETFs signals a growing acceptance of cryptocurrencies within traditional financial markets. BlackRock’s success with its Bitcoin Trust highlights the growing demand for cryptocurrency investment products among both institutional and retail investors. This milestone also reflects the maturation of the cryptocurrency market and its integration into mainstream investment strategies. As the cryptocurrency landscape continues to evolve, the emergence of BlackRock’s Bitcoin Trust as the largest cryptocurrency fund signifies a significant development in the broader financial ecosystem.
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