According to the latest data, the nine spot Bitcoin exchange-traded funds (ETFs) launched on January 11, 2024, have significantly increased their Bitcoin holdings after the trading day of February 2, 2024. BlackRock’s iShares Bitcoin Trust (IBIT) now holds 72,466.64 BTC, valued at $3.12 billion, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) holds 60,054.87 BTC, worth $2.58 billion. Combined, these two funds represent about 74.5% of the total holdings of the nine new ETFs.
Breakdown of ETF Holdings
Among the remaining seven ETFs, Ark Invest and 21Shares’ ARKB holds 15,890 BTC, and Bitwise’s BITB holds 15,053.66 BTC. Together these two funds account for 30,943.66 BTC (0.157% of circulating supply). The Invesco Galaxy ETF holds 7,081 BTC, VanEck’s HODL ETF holds 2,998.48 BTC, Valkyrie’s BRRR ETF holds 2,649.46 BTC, Franklin Templeton’s EZBC holds 1,479 BTC, and WisdomTree’s BTCW holds 276 BTC. The last four funds collectively own 7,402.94 BTC (0.037% of supply).
Market Impact and Comparison with GBTC
In total, the nine ETFs manage 177,949.11 BTC, valued at $7.62 billion, representing 0.907% of the total Bitcoin supply of 19.61 million. When including Grayscale’s GBTC (currently holding 478,337.43 BTC), all ten ETFs together hold 656,286.54 BTC, or 3.345% of circulating supply. Since January 12, GBTC has reduced its holdings by 138,742.56 BTC (from 617,079.99 to 478,337.43). Approximately 39,206.55 BTC (worth $1.68 billion) has net outflows from GBTC and inflows into the new ETFs. Despite the rapid accumulation by the new entrants, GBTC remains the largest Bitcoin trust, holding 2.687 times more BTC than the combined nine new funds.
The data underscores strong institutional demand for Bitcoin ETFs, particularly those managed by BlackRock and Fidelity, which benefit from low fees and brand recognition. Analysts suggest that the net absorption of Bitcoin by these ETFs could provide long-term price support.