Grayscale Faces Fierce Competition as Blackrock's Onchain Assets Climb

Blackrock's collection of onchain digital assets is nearing a point where it might soon surpass Grayscale's total, thanks to significant growth this year.

Blackrock’s onchain crypto assets are inching closer to surpassing Grayscale’s total crypto holdings, according to data. As of Friday, Grayscale’s onchain value is roughly $21.33 billion, whereas Blackrock’s portfolio is about $21.02 billion.

Still, Grayscale’s holdings outshine Blackrock’s, as the world’s largest digital asset manager’s onchain assets are valued at $21.33 billion. Arkham Intelligence's analysis shows that Grayscale's advantage is mainly due to its Grayscale Digital Large Cap (GDLC) fund, which had a market value of $14.18 billion as of Friday, according to data from Grayscale. As of 12 p.m. EDT on Friday, Grayscale’s onchain stash includes 264,921 BTC and 2.292 million ETH.

On the other hand, Blackrock’s onchain crypto assets are notably different, as the asset manager's onchain holdings include 347,440 BTC and approximately 312,122 ether. Blackrock’s digital asset IBIT and ETHA funds have rapidly propelled the company to become the largest digital asset manager by bitcoin holdings, surpassing Grayscale.

Moreover, Blackrock quickly ascended the ranks, thanks to its IBIT and ETHA funds, which attracted strong inflows this year. As Blackrock added billions, Grayscale shaved billions off its BTC and ETH reserves. For instance, Grayscale's GBTC fund saw a record outflow of $19.57 billion, while IBIT attracted $20.37 billion in positive inflows since Jan. 11, 2024.

In the realm of spot ether exchange-traded funds (ETFs), the momentum has been slower, with Grayscale showing a decrease of $2.39 billion since July 23. In contrast, Blackrock’s ETHA inflows are approaching the $1 billion mark, with $967.29 million collected so far.

If this trend continues, Blackrock's onchain digital assets will likely surpass Grayscale's portfolio in the near future.

What are your thoughts on Blackrock’s stash inching closer to Grayscale’s crypto portfolio value? Share your thoughts and opinions about this subject in the comments section below.

The above is the detailed content of Grayscale Faces Fierce Competition as Blackrock's Onchain Assets Climb. For more information, please follow other related articles on the PHP Chinese website!