%BlackRock (NYSE: $BLK) has surpassed rival Grayscale to officially become the largest custodian of spot %Bitcoin (CRYPTO: $BTC) exchange-traded funds (ETFs).
BlackRock took the crown from Grayscale after its iShares Bitcoin Trust (NASDAQ: $IBIT) attracted $102 million U.S. of investor capital on May 28, bringing its total holding of Bitcoin to $20 billion U.S.
In contrast, the Grayscale Bitcoin Trust (GBTC) holds $19.70 billion U.S. of the digital token, having experienced an outflow of $105 million U.S. on May 28.
Since regulators approved spot Bitcoin ETFs in January of this year, investors have poured $16.50 billion U.S. into the BlackRock fund while withdrawing $17 billion U.S. from Grayscale.
Buying activity in the iShares Bitcoin Trust has increased in recent days amid bullish sentiment towards Bitcoin and the broader %Cryptocurrency market.
Sentiment has improved after the U.S. Securities and Exchange Commission (SEC) approved spot %Ethereum (CRYPTO: $ETH) ETFs earlier in May.
In the past week, U.S.-listed spot Bitcoin ETFs reached a new record of holdings with more than 850,000 Bitcoin in custody, surpassing the previous high of 845,000 set in April of this year.
The price of Bitcoin has risen 54% year to date and currently trades at $67,900 U.S. per token.
