Fidelity’s Bitcoin ETF Crosses $1 Billion AUM Following BlackRock’s Lead

BitMEX’s report, published on Friday, January 19, 2024, revealed data on the fifth trading day of nine from the ten newly approved spot Bitcoin ETFs. According to the data, BlackRock’s IBIT ETF had over $1.171 billion worth of assets under management (AUM), while Fidelity Investments had a total of $1.016 billion. Following FBTC were Bitwise (BITB), ARK21Invests (ARKB), Invesco (BTCO), and Franklin Templeton (EZBR), with $395 million, $320 million, $194.9 million, and $51.3 million, respectively.

At the far end of the table was Grayscale Bitcoin Trust Shares (GBTC), which had a total of $23.1 billion worth of assets under management (AUM) but had been significantly underperforming since its launch on January 11. The investment giant had experienced massive outflows of $93.6 million, $478.4 million, $590.1 million, and $458.3 million on the 1st, 2nd, 3rd, and 4th trading day, respectively. 

BitMEX Research also noted, in a post on X, that there was a net outflow of $131.6 million on the 5th trading day for the other ten new Bitcoin ETFs, whereas GBTC independently had a massive outflow of $579.6 million on the same day. 

Meanwhile, these massive outflows from GBTC have been attributed to investors seeking to take advantage of the low trading fees on the other approved spot Bitcoin ETFs. GBTC’s trading fee is about 1.5%, while spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) is only about 0.25%. 

Fidelity’s FBTIC had the highest net flows on the fifth trading day, with a total of about $177.9 million. BlackRock’s IBIT followed closely with over $145 million.

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