2024-01-19 18:14:00
BLACKROCK INC’s basket fund +0.45% Close:0 Open:798.3 High:800.87 Low:794.05 Turnover:– Page Quote News Graphs Company profile Recommendations More articles on the topic: The Bitcoin tracker reached a billion dollars in assets in the first four days of trading, That’s according to JP Morgan. Blackrock is the first to reach this milestone among the recently launched ETFs.
The US Securities and Exchange Commission (SEC) last week approved nearly a dozen hedge funds that track the world’s largest cryptocurrency, after years of regulatory resistance. Since launching, Blackrock and Fidelity have attracted the lion’s share of investors, as lower fees also seem to have helped BlackRock’s iShares Bitcoin ETF had $1.07 billion in assets as of January 17, followed by Fidelity’s Wise Origin Bitcoin ETF with $874.6 million in assets.
The nine newly launched ETFs attracted $2.9 billion in investment flows in the first four days of trading. However, Grayscale Bitcoin Trust, which was converted from a closed-end fund to a basket fund, witnessed a cash outflow of $1.62 billion in the first four trading days following the high fees it charges.
The SEC’s decision to approve the hedge fund was seen as a historic move that legitimizes the controversial digital currency, and increased expectations that investors who were afraid of investing in bitcoin directly would want to be exposed to bitcoin through a product overseen by US regulators. Investors in the hedge fund are not directly exposed to bitcoin. The hedge funds hold in Bitcoin at a ratio of 1 to 1 for each ETF. For those who were wondering about the differences between the price of Bitcoin, which is tens of thousands of dollars, and a unit of an ETF, which is worth tens of dollars, this is due to the fact that Bitcoin can be divided up to 0.00000001. So, for example, the price of one unit of the ETF Grayscale’s is $37.6, and one such unit is backed by 0.00089423 Bitcoins.
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