BlackRock, the asset management giant, disclosed in SEC filings on May 28 that it added $4.1 million worth of its spot Bitcoin ETF shares to two of its funds.

The company allocated $3.6 million of its iShares Bitcoin Trust (IBIT) shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX) and $486,000 worth of IBIT shares to its BlackRock Strategic Global Bond Fund (MAWIX). These acquisitions were made in the first quarter of 2024.

BlackRock had previously announced plans to include IBIT in its other funds in SEC filings on March 8. In a 13F filing on May 10, the company reported owning $6.6 million of IBIT shares.

BlackRock joins hundreds of other investors who have disclosed holdings in IBIT, with at least 422 firms reporting IBIT holdings as of May 28, according to Fintel data. Bloomberg ETF analyst Eric Balchunas emphasized the significance of spot Bitcoin ETFs attracting numerous investors, highlighting that even having 20 holders is notable for new ETFs.

IBIT is the most popular spot ETF, representing about half of the 929 firms that disclosed investments in the first quarter. Millennium Management and Schonfeld Strategic Advisors hold the largest positions in IBIT, with $844.2 million and $248.0 million, respectively.

Additionally, several globally systematically important banks (G-SIBs), including JP Morgan Chase, Bank of America, BNY Mellon, BNP Paribas, UBS, and Royal Bank of Canada, have invested in IBIT.

IBIT continues to lead in terms of net flows, achieving $16.4 billion as of May 24, nearly double the second highest net flows of Fidelity’s FBTC to date. With $17.2 billion in assets under management (AUM) as of May 28, IBIT represents 31% of all spot Bitcoin ETFs' combined AUM. Grayscale’s GBTC, with $20 billion AUM, surpasses IBIT and accounts for another 37% of the total, but it has seen $17.7 billion in net outflows since its launch.