Five days ago, Arkham Intelligence revealed that Blackrock, the world’s largest fund manager, was on the brink of overtaking Grayscale in onchain asset value. As of Aug. 21, Blackrock has officially surpassed Grayscale, securing its position as the top digital asset manager in terms of onchain reserves.
Blackrock Dethrones Grayscale Becoming World’s Largest Digital Asset Manager
This article was published more than a year ago. Some information may no longer be current.
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World’s Largest Fund Manager Just Surpassed Grayscale in Onchain Assets
For years, while GBTC and ETHE were traded over-the-counter (OTC) and hadn’t yet become publicly traded ETFs, Grayscale held the crown in onchain assets. However, the landscape has shifted. Blackrock, the global leader in asset management, is now the largest digital asset manager worldwide.
By the second quarter of 2024, Blackrock’s assets under management (AUM) soared to an all-time high of $10.65 trillion, up from $9.43 trillion in 2023. In the digital assets realm, Blackrock holds $21.527 billion in net value as of Aug. 21, 2024. Grayscale’s onchain assets, in comparison, are valued at $21.457 billion, making Blackrock’s portfolio $70 million larger.
This shift is largely due to Blackrock’s significant inflows of both BTC and ETH since launching its funds IBIT and ETHA. Although Grayscale’s GBTC and ETHE initially grew rapidly, they experienced substantial outflows once they went public.
Since Jan. 11, GBTC has seen $19.66 billion in outflows—one of the largest divestments in ETF history. ETHE has lost $2.47 billion since it went public on July 23. Meanwhile, Blackrock’s ETHA has surpassed the $1 billion mark in net inflows since July 23, and IBIT has attracted $20.54 billion in cumulative net inflows since Jan. 11.
As with many of Blackrock’s ETFs, the spot ether and bitcoin funds are likely to maintain their dominance, and IBIT’s and ETHA’s lead over Grayscale may continue to grow.
What do you think about Blackrock’s stash surpassing Grayscale’s crypto portfolio value? Share your thoughts and opinions about this subject in the comments section below.
