The world’s largest asset manager, BlackRock, has added five new giant participants to the spot Bitcoin exchange-traded fund (ETF).
BlackRock announced on Friday 5th of April that they have added five new participants to the spot Bitcoin ETF (IBIT). The new entrants include the finance sector giants Citadel, Goldman Sachs, UBS, and Citigroup.
The increase in the total number of participants from four to nine is interpreted as a boost to the liquidity and accessibility for investors of the spot Bitcoin ETF. Previously, the four existing participants included Jane Street Capital, JP Morgan Securities, Macquarie Capital (USA) Inc., and Virtu Americas.
Bloomberg ETF analyst Eric Balchunas, who commented on the matter, expressed that big companies want to be a part of the Bitcoin movement:
With this increase in participant numbers, it seems that big companies want a piece of the action and/or are now comfortable being publicly associated with it.
The additions come amid the excellent performance shown by both IBIT and Fidelity’s Wise Origin Bitcoin Fund (FBTC) since their launches. According to Bloomberg data, these two spot Bitcoin ETFs have outperformed other 3,122 funds by recording 49 consecutive days of net inflow.
