Evaluating the Holdings: Examining the New Spot Bitcoin ETFs
Recently, the United States’ Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs. Among them, Hashdex’s offering is currently a futures product, but they plan to transition it into a spot BTC ETF. While examining the holdings, it is clear that Blackrock leads the way with 11,439 BTC, excluding Grayscale’s GBTC, which holds 617,079 BTC.
Blackrock: Leading the Way
Blackrock currently holds the highest amount of BTC among the approved funds by the SEC. Their holdings represent 1.85% of Grayscale’s extensive BTC reserves.
Bitwise and Fidelity Wise Origin Bitcoin Fund
Bitwise’s ETF has a net asset value of $242,940,653, which likely indicates they possess 5,550 BTC. On the other hand, the Fidelity Wise Origin Bitcoin Fund owns 5,290 BTC.
Other Notable Holdings
Vaneck’s spot bitcoin ETF, HODL, holds 1,640.92 BTC, while Franklin Templeton’s EZBC has 1,131 BTC. The ARK 21shares Bitcoin ETF possesses an estimated 1,625 BTC, and Valkyrie’s BRRR fund holds 1,102.87 BTC. However, Invesco Galaxy ETF and Wisdomtree’s BTCW fund have not disclosed their BTC holdings.
The Total BTC Holdings
When considering all the mentioned funds, including Blackrock, they collectively hold approximately 26,152 BTC, valued at $1.11 billion according to current BTC exchange rates. Although this is significant, it is relatively modest compared to Grayscale’s vast 617,079 BTC reserves. Additionally, non-U.S. exchange-traded products such as Bitwise’s BITW fund outshine the newly introduced U.S. spot bitcoin ETFs in terms of BTC holdings.
Hot Take: Spot Bitcoin ETFs Enter the Market with Varied Holdings
As the United States welcomes the arrival of spot bitcoin ETFs, it is evident that Blackrock leads the way with substantial BTC holdings. However, other funds like Bitwise and Fidelity Wise Origin Bitcoin Fund also hold significant amounts. While the total BTC held by these ETFs is noteworthy, it pales in comparison to Grayscale’s vast reserves. The international arena also sees Canadian and European funds with impressive BTC holdings. As the market continues to evolve, it will be interesting to see how these holdings develop and impact the overall crypto landscape.
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