BlackRock's Bitcoin ETF nears top spot after $380 million buy

BlackRock’s iShares Bitcoin Trust (IBIT) is on track to become the largest Bitcoin fund after purchasing over $380 million worth of the BTC this week, according to blockchain analytics platform Arkham Intelligence.

The biggest purchase occurred on May 21, with IBIT buying over $290 million in Bitcoin.

Launched in January 2024 after the SEC approved spot Bitcoin ETFs, IBIT has quickly become the second-largest Bitcoin fund.

IBIT now holds more than 284,525 BTC , worth over $19.1 billion, putting it just $300 million away from surpassing the Grayscale Bitcoin ETF, which currently holds 289,256 BTC , valued at $19.4 billion.

The recent inflows follow notable investments in IBIT, including the State of Wisconsin’s Investment Board purchasing nearly $100 million worth of shares in the first quarter of 2024, highlighting the growing institutional adoption of Bitcoin through regulated investment vehicles.