12 Spot Bitcoin ETFs Close in on Holding 1 Million BTC

The 12 U.S. bitcoin ETFs have scooped up a substantial portion of the circulating BTC, absorbing hundreds of thousands of coins since Jan. 11, 2024.

The 12 U.S. bitcoin exchange-traded funds (ETFs) that track the spot price of BTC had collectively stashed 910,153.83 coins, valued at over $53 billion, as of Aug. 16, according to data from ETF Block.

The 12 Spot Bitcoin ETFs Closed in on Holding 1 Million BTC

The 12 bitcoin ETFs have taken up a substantial portion of the circulating BTC, which stood at 19.741 million at the time, as per data from Coinmetrics. Moreover, Grayscale’s Grayscale Bitcoin Trust (Nasdaq: GBTC) had already absorbed a significant amount of BTC before transforming into a publicly traded ETF.

On the day following its public debut, Grayscale’s GBTC had 617,079.99 BTC in its coffers. However, the fund has since seen outflows of over $19.6 billion, bringing its BTC holdings down to 230,430.14 as of Aug. 16. Despite the decrease, GBTC still held a sizable chunk of the total BTC stashed by the 12 funds, controlling 25.32%.

Among the 12 funds, Blackrock had the largest stash of BTC, with 348,950.63 coins. Blackrock’s IBIT had attracted $20.39 billion in inflows since its launch,? accounting for 38.34% of the 910K total.

Fidelity’s FBTC trailed behind IBIT and GBTC, holding 176,972.81 BTC as per the Aug. 16 data. FBTC’s share amounted to 19.44% of the BTC held by the 12 funds.

The Ark Invest’s and 21shares’ ARKB fund, which had accumulated 46,406 BTC since its launch, was the fourth-largest fund.

ARKB controlled 5.1% of the 910K BTC, while Bitwise’s BITB had 37,993.13 BTC, or 4.17% of the total. Grayscale’s Mini Bitcoin Trust now held 31,598.11 BTC, or 3.47%.

Vaneck’s HODL had 10,916.89 BTC, which was 1.2%, and Coinshares’ Valkyrie fund BRRRR had 8,876.05 BTC, or 0.98%.

Invesco’s and Galaxy’s BTCO had 7,813 BTC, while Franklin Templeton’s EZBC had 6,525 BTC, with these two funds accounting for 0.86% and 0.72%, respectively.

Wisdomtree’s BTCW had 3,493.77 BTC, contributing 0.38% of the total cache among the 12 funds.

Finally, Hashdex’s fund DEFI had the smallest bitcoin holdings of the bunch, with only 178.3 BTC, or 0.02%.

What do you think about the stash of bitcoin held by the 12 U.S. spot bitcoin ETFs? Share your thoughts and opinions about this subject in the comments section below.