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Two BlackRock funds added the firm's IBIT spot bitcoin ETF to their portfolios in Q1

by RT Watson

FUNDS • May 28, 2024, 4:47 PM EDT

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Two BlackRock-managed funds have purchased shares in the firm’s IBIT spot bitcoin ETF, as per SEC filings. BlackRock’s spot bitcoin ETF has attracted more new capital than any other since their launch in January.

According to filings with the U.S. Securities and Exchange Commission, two BlackRock-managed funds have bought shares in the firm's IBIT spot bitcoin ETF.

BlackRock Strategic Income Opportunities and BlackRock Strategic Global Bond funds, both managed by Rick Rieder, the firm's CIO of global fixed income, reported buying shares in the IBIT spot bitcoin ETF launched in January. BlackRock Strategic Income Opportunities acquired nearly $3.6 million worth of IBIT shares, while BlackRock Strategic Global Bond purchased $486,000 in IBIT shares during the first quarter of 2024.

BlackRock's IBIT ETF has attracted more new capital than any other spot bitcoin ETF since their debut in January. Grayscale's spot bitcoin ETF, which has the highest assets under management among its peers, is a conversion of its flagship GBTC fund, which launched with nearly $30 billion in AUM.

Filings for Q1 2024 showed that hundreds of traditional financial firms bought shares in spot bitcoin ETFs. Bloomberg ETF analyst Eric Balchunas remarked it was “mind boggling” that over 400 institutions reported buying BlackRock's new spot bitcoin ETF.