Nine U.S. spot bitcoin exchange-traded funds launched on Jan. 11, 2024 continued to build their holdings through the latest trading data recorded on Feb. 2, 2024. According to the figures cited in the report, the group now holds a combined 177,949.11 BTC, worth about $7.62 billion at prevailing exchange rates. That total represents roughly 0.907% of the estimated 19.61 million BTC in circulation worldwide.
BlackRock and Fidelity Lead the Pack
Among the nine newly launched funds, BlackRock’s iShares Bitcoin Trust (IBIT) stands as the largest holder. The fund is reported to own 72,466.64 BTC, valued at approximately $3.12 billion. On its own, IBIT accounts for about 0.369% of global circulating bitcoin supply.
The second-largest position belongs to Fidelity’s Wise Origin Bitcoin Fund (FBTC), which holds 60,054.87 BTC, worth an estimated $2.58 billion. That amount equals around 0.306% of the global bitcoin supply in circulation.
Together, IBIT and FBTC control more than 132,500 BTC, meaning the top two products account for nearly 75% of all bitcoin held across the nine new spot ETF issuers. The concentration highlights how quickly the largest traditional asset managers have captured investor flows in the newly approved segment.
Mid-Tier Funds Also Add Meaningful Exposure
Behind the two leaders, ARK Invest and 21Shares’ ARKB has accumulated 15,890 BTC, while Bitwise’s BITB holds 15,053.66 BTC. Combined, those two products control 30,943.66 BTC, representing approximately 0.157% of total circulating supply.
Other funds remain smaller but still contribute to the broader accumulation trend. The Invesco Galaxy ETF holds 7,081 BTC, equal to roughly 0.036% of total supply. VanEck’s HODL is reported to hold 2,998.48 BTC, while Valkyrie’s BRRR has amassed 2,649.46 BTC.
At the lower end of the group, Franklin Templeton’s EZBC holds 1,479 BTC, and WisdomTree’s BTCW secures 276 BTC. Together, these four smaller ETF products hold a combined 7,402.94 BTC, or about 0.037% of the circulating bitcoin supply.
New ETF Inflows Offset Part of GBTC’s Outflows
The report places these figures in the context of the broader U.S. spot bitcoin ETF landscape, which still includes Grayscale’s GBTC. When GBTC is added to the tally, the total holdings of all ten U.S. spot bitcoin ETFs rise to 656,286.54 BTC, equivalent to roughly 3.345% of the estimated circulating supply.
Yet the market dynamic has been shaped by opposing flows. While the nine newer ETFs have steadily accumulated bitcoin, GBTC has been shrinking. The report notes that Grayscale held 617,079.99 BTC on Jan. 12, 2024. By the latest reading, that balance had fallen to 478,337.43 BTC, indicating a reduction of 138,742.56 BTC.
This means that although fresh demand has entered through the newly launched spot ETFs, part of that demand has effectively been offset by redemptions or selling pressure tied to GBTC’s declining holdings. Even so, the article calculates that the combination of GBTC’s reduction and the accumulation by the nine new ETFs has still resulted in 39,206.55 BTC being pulled from the open market and allocated into ETF structures. At the quoted valuation, that amount was worth about $1.68 billion.
GBTC Remains the Largest Single Holder
Despite the rapid rise of the new entrants, the report emphasizes that GBTC remains substantially larger than any single competitor. In fact, Grayscale’s trust still holds about 2.687 times more BTC than the combined reserves of all nine newly launched spot bitcoin ETFs.
That contrast captures the transitional phase of the U.S. spot bitcoin ETF market. On one side, BlackRock, Fidelity, and other issuers are attracting large inflows and building positions quickly. On the other, Grayscale continues to dominate in absolute holdings even as its bitcoin reserves decline from earlier levels.
Why the Numbers Matter
The concentration of nearly 177,949 BTC in the new ETFs within just weeks of launch underscores how quickly regulated investment products can absorb supply from the market. Because spot bitcoin ETFs hold the underlying asset directly, rising fund balances can influence market liquidity and investor sentiment, especially when the products accumulate coins faster than legacy vehicles are unwinding them.
At the same time, the distribution of holdings shows that investor demand has not been evenly spread across issuers. The dominant share held by IBIT and FBTC suggests that scale, brand recognition, and distribution strength are already shaping the competitive landscape. Meanwhile, funds such as ARKB and BITB have established themselves as credible second-tier players, while smaller issuers are building positions at a slower pace.
Based strictly on the figures in the report, the early weeks of spot bitcoin ETF trading have produced a significant reallocation of BTC into institutional wrappers. Whether that trend continues will depend on future inflows, the pace of GBTC outflows, and broader bitcoin market conditions, but the initial accumulation has already been substantial.