USDCrypto Funds Weekly Recap: SEC Delays Solana ETF, BlackRock’s ETH Move Shifts Focus
Goldman Sachs Boosts Stake in BlackRock's Bitcoin ETF to $1.4B as Inflows Hit Record $62.9B
Goldman Sachs has increased its stake in BlackRock's iShares Bitcoin Trust (IBIT) ETF by 28%, now holding 30.8 million shares valued at $1.4 billion, reflecting rising institutional interest in Bitcoin ETFs. This week, BlackRock's IBIT ETF acquired 10,572 Bitcoin, exceeding average weekly mining output. The digital asset market saw $882 million in global inflows, with Bitcoin dominating at $867 million, pushing U.S.-listed Bitcoin ETFs to a record $62.9 billion in cumulative inflows since January 2024. Notably, BlackRock's IBIT ETF maintained 19 consecutive days of net inflows, the longest streak of 2025.
BlackRock Seeks In-Kind ETH Redemptions for Ethereum Trust in Strategic Shift
BlackRock has submitted a filing to enable in-kind redemptions for its Ethereum Trust, allowing the firm to buy back Ethereum (ETH) directly instead of using cash. This strategic shift aligns the trust with the operational model of spot ETFs, enhancing flexibility and efficiency for investors. If approved, this initiative would demonstrate increasing institutional confidence in Ethereum and the overall cryptocurrency market, potentially attracting more traditional finance entities to participate. The move underscores a significant trend towards integrating crypto assets within mainstream financial frameworks, reflecting a growing acceptance of digital currencies among institutional investors.
VanEck and Securitize Launch Tokenized U.S. Treasury Fund on Four Blockchains
VanEck and Securitize have launched the VanEck Treasury Fund Ltd. (VBILL), a tokenized fund providing on-chain access to U.S. Treasurys. Initially available on Avalanche, BNB Chain, Ethereum, and Solana, the fund aims to enhance market liquidity and efficiency, requiring minimum investments of $100,000 for the former three blockchains and $1,000,000 for Ethereum. Securitize, a leader in tokenized securities with over $3.9 billion in assets, facilitates the fund's operations. The initiative highlights the potential of blockchain technology for creating new market opportunities, as nearly $23 billion in real-world assets are currently represented on-chain.
SEC Delays Solana ETF Decision; Polkadot, XRP, Dogecoin ETFs Await June Outcomes
The SEC has postponed its decision on Grayscale's proposed spot Solana ETF, shifting focus to upcoming June deadlines for Polkadot, XRP, and Dogecoin ETFs. The SEC typically delays ETF decisions by 45 to 90 days, with a maximum of 240 days, possibly extending decisions into early 2025. Investors are optimistic, with an 82% probability of Solana ETF approval and 80% for the Litecoin ETF by year-end, according to Polymarket data. Decisions for Polkadot ETFs are due on June 11 and 24, while XRP and Dogecoin ETF decisions are scheduled for June 17, though delays are likely.
Mubadala Boosts BlackRock Bitcoin ETF Holdings to 8.7 Million Shares Despite Value Drop
Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, increased its holdings in BlackRock's Bitcoin ETF to 8.7 million shares in Q1, adding 491,439 shares valued at $28.8 million, based on an SEC 13F filing. Despite this increase, the fund’s investment value in the ETF dropped to $408.5 million from $436.9 million in Q4 due to declining market prices, although it is currently valued at approximately $512 million. BlackRock's iShares Bitcoin Trust leads U.S. spot bitcoin ETFs with over $45.5 billion in net inflows since its January 2024 launch and $65 billion in assets under management.
Wisconsin Investment Board Sells $321 Million Stake in BlackRock's Bitcoin ETF
The State of Wisconsin Investment Board has divested $321 million from BlackRock’s spot Bitcoin ETF (IBIT), as indicated in a recent SEC filing. The board reported no longer holding shares in this fund, which has seen significant popularity, accumulating over $5 billion in net inflows during a recent 20-day streak, making it the largest spot Bitcoin ETF with assets exceeding $60 billion. Despite this divestiture, the investment board maintains a $19 million stake in Coinbase stock and had previously sold all its holdings in Grayscale’s Bitcoin ETF, indicating a selective approach to crypto investments.
This article has been refined and enhanced by ChatGPT.
