BlackRock's New Bitcoin ETF Rapidly Gaining on Grayscale's as Investors Flock to Lower Fees

• BlackRock's new Bitcoin ETF, iShares Bitcoin Trust (IBIT), has gained ground quickly on Grayscale's Bitcoin Trust (GBTC) in assets under management, now at $18.1B vs GBTC's $21.9B • The gap between the two has closed from $6B last week to just $3.8B currently, with experts predicting IBIT could overtake GBTC as soon as this month • IBIT is popular due to BlackRock's prestige, low 0.12% (first year) to 0.25% fees vs GBTC's 1.5%, and GBTC redeeming shares amid client bankruptcies • Grayscale CEO said GBTC outflows are nearing "equilibrium" after hundreds of millions in redemptions • IBIT's SEC approval in January has made it a hot new Bitcoin ETF option compared to formerly closed-end GBTC