Spot Bitcoin ETF: Total BTC Accumulation Tops $13.9B

Within the last few weeks since spot Bitcoin ETF launched, eight of the ten filers who received approval from the United States Securities and Exchange Commission (SEC) have accumulated up to 268,149 BTC units.

Spot Bitcoin ETF Issuers Growing BTC Portfolio

The value of the accumulated Bitcoin for all of the ETFs was estimated to be $13.9 billion with BlackRock leading the group. 

According to crypto analytics firm Lookonchain, the popular asset management firm has gathered 119,681 BTC worth approximately $6.23 billion. The growth of BlackRock’s Bitcoin portfolio has been relatively progressive.

As of January 10, BlackRock’s IBIT had 228 Bitcoin in its Portfolio, FBTC 440 BTC, Bitwise Bitcoin ETF 57 BTC, and ARK 21Shares had 210 BTC amongst others. Of all the ETF applicants at the time, Grayscale GBTC had the highest Bitcoin holding (619,162 Bitcoin) while Invesco Galaxy had none. 

Since the #Bitcoin ETF launched, 8 ETFs have accumulated a total of 268,149 $BTC($13.97B).#iShares(#Blackrock) has accumulated the most with 119,681 $BTC($6.23B).https://t.co/1Tdx0iAlGK pic.twitter.com/s9GedBKkGR

— Lookonchain (@lookonchain) February 19, 2024

One month later, each of these issuers experienced significant growth and successfully grew their BTC portfolio. 

IBIT’s holdings have jumped to 87,780 BTC, FBTC to 69,434 BTC, and even Invesco has accumulated 7,568 BTC thus far. Not all the issuers have commensurate growth and rather than experience growth like other spot Bitcoin ETF players, Grayscale’s portfolio dropped to 466,535 BTC. 

The Overwhelming Grayscale Outflows

The drop in Grayscale’s Bitcoin holding was a result of the huge outflows the platform has seen over the past few weeks. 

These outflows were consistent, indicating a need for more interest from holders. Despite this gloom, in recent times, Grayscale’s outflows have reduced to a significant level than when the ETFs were first greenlighted.

Looking at the current Bitcoin holding of all of the spot Bitcoin ETF issuers, it is obvious that Grayscale’s portfolio decreased by only 2,555 Bitcoins between February 15 and February 16. Currently, Grayscale has 459,428 BTC, BlackRock has 115,990 BTC and Franklin Templeton has the lowest Bitcoin holding (1,856 BTC).

Many experts and market observers believe strongly that the outlook of the Bitcoin ETF market has contributed greatly to the price of Bitcoin. Since the spot Bitcoin ETF market began to record huge flows, the price of Bitcoin has equally experienced a surge. The coin has a current market value of more than $52,000 and it still looks like it could garner more gains before the upcoming halving event.

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