Bitcoin ETFs Surge: BlackRock and Fidelity Lead the Way

BlackRock Inc.'s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) have captured 79% of total inflows into the “Newborn Nine” Bitcoin ETFs since the US SEC approved the assets in January. With Bitcoin's surge, retail investors are flocking to these new ETFs, prompting fee cuts from other funds to compete. Grayscale's Bitcoin trust, now an ETF, has seen outflows, while BlackRock's IBIT fund is pulling ahead of Fidelity to dominate the sector, with BlackRock winning $612 million of new investment on Feb. 28.