BlackRock’s iShares Bitcoin Trust has emerged as the world’s largest fund for cryptocurrency, amassing nearly $20 billion in total assets since its launch in the U.S. earlier this year. On Tuesday, the exchange-traded fund held $19.68 billion worth of tokens, surpassing Grayscale Bitcoin Trust’s $19.65 billion in assets.
The Securities and Exchange Commission (SEC) had previously rejected spot bitcoin ETFs for over a decade due to concerns about market manipulation. However, they approved them in January after Grayscale Investments successfully challenged their decision in court last year. Despite this, the SEC remains crypto-skeptical and is headed by Gary Gensler, who has expressed concerns about digital asset regulation.
As institutional investors continue to show interest in cryptocurrencies through the growing popularity of bitcoin ETFs and significant assets under management, it will be important to monitor how regulators like the SEC adapt their stance on digital assets to accommodate this changing landscape.
