BlackRock and Grayscale have solidified their positions as the top Bitcoin-holding companies globally, according to a recent report by HODL15Capital.
BlackRock holds a staggering 305,614 BTC, while Grayscale follows with 277,067 BTC. After BlackRock and Grayscale, the list includes notable names like MicroStrategy with 226,331 BTC, Fidelity holding 167,375 BTC, and Tether with 75,354 BTC. Also on the list are ARK 21Shares Bitcoin ETF with 46,335 BTC.
In parallel with Bitcoin’s institutional growth, the Ethereum ETF scene is also buzzing. Two days ago, seven spot Ethereum ETF applicants, including Franklin Templeton, VanEck, Invesco Galaxy, BlackRock, 21Shares, and Fidelity, amended their registration statements with the SEC. This move has sparked speculation about an imminent trading launch, possibly in early July.
Grayscale submitted an amended S-3 registration for its Ethereum Trust and an additional amended S-1 statement for its mini Ethereum Trust. However, Bitwise, another contender, did not amend its registration statement.
The anticipation around these filings has led Bloomberg ETF analyst Eric Balchunas to predict July 2 as a potential launch date for these funds.
He maintains that Ethereum ETFs are unlikely to attract more than 20% of the assets under management (AUM) that Bitcoin ETFs have garnered.
Related: Spot Ethereum ETFs to launch July 2nd, says Bloomberg analyst
The recent filings also shed light on the fee structures for these anticipated Ethereum ETFs. Franklin Templeton disclosed a 0.19% sponsor fee in its updated filing, which will be waived for the first $10 billion in assets for six months.
VanEck, similarly, announced a 0.20% sponsor fee, waiving it for the first $1.5 billion in assets until an unspecified date in 2025. These low fees are expected to pressure other players, particularly BlackRock, to announce competitive sponsor fees for their funds. Notably, both BlackRock and Fidelity have yet to disclose their sponsor fees.
According to Balchunas, BlackRock’s fee announcement is important and could heavily influence the competition among these financial giants.
The launch of spot Bitcoin ETFs earlier this year led to a “fee war” among issuers, with fees ranging between 0.19% and 0.39%. Grayscale’s GBTC, however, remains an outlier with a much higher fee of 1.5%.
Jai Hamid
