Fidelity Spot Bitcoin ETF Currently Holds 38,149 BTC

Key Points:

• Fidelity spot Bitcoin ETF holds 38,149 BTC ($1.5B), gaining ground as the second-largest holder after BlackRock.
• BlackRock dominates with 44,005 BTC ($1.75B), shaping a two-horse race for new assets in the market.

In a recent report by Lookonchain monitoring, the Fidelity spot Bitcoin ETF has surged to hold 38,149 BTC, totaling $1.5 billion, marking a noteworthy increase of 4,023 BTC, or $160 million. ARK 21Shares follows closely, securing 12,255 BTC valued at $480 million, with an uptick of 1,575 BTC or $62.8 million.

Read more: Bitcoin Spot ETF Applications: A Comprehensive List of All Companies, Including Wall Street

Fidelity Spot Bitcoin ETF Takes Second Place in BTC Holdings

Meanwhile, BlackRock has emerged as a formidable player, boasting ownership of 44,005 BTC, exceeding $1.75 billion in their spot Bitcoin ETF. This positions Fidelity as the second-largest holder of Bitcoins, trailing only BlackRock spot Bitcoin ETF in terms of quantity.

Both BlackRock and Fidelity impose a 0.25% management fee on their spot Bitcoin ETFs. However, BlackRock offers an initial discounted fee of 0.12% for the first six months, while Fidelity spot Bitcoin ETF has announced a promotional offer of zero fees until July 31, 2024.

Following the recent green light from US regulators for ten spot Bitcoin exchange-traded funds, the competition seems to be consolidating into a two-horse race dominated by BlackRock and Fidelity. Despite facing double-digit losses post-launch, the marketing prowess and extensive distribution channels of these two giants have propelled them ahead in institutional and retail portfolios.

Notably, all spot Bitcoin ETFs introduced this month have witnessed net inflows, except for the Grayscale Bitcoin Trust (GBTC), which, despite being the world’s largest cryptocurrency fund with $22 billion in assets, saw a reduction of approximately $4 billion since its conversion into an ETF.

GBTC maintains an industry-high fee of 1.5%, significantly higher than its competitors. Franklin Templeton’s fund leads with a post-waiver 0.19% expense ratio, while BlackRock and Fidelity follow closely with eventual fees of 0.25% after a waiver period.