The world’s largest asset manager, BlackRock, added five new giants to the spot Bitcoin exchange-traded fund (ETF).
BlackRock announced the addition of five new participants to the spot Bitcoin ETF (IBIT) on Friday, April 5th. The new participants include major names in the financial sector such as Citadel, Goldman Sachs, UBS, and Citigroup.
The increase in the total number of participants from four to nine was interpreted as an enhancement of the liquidity and accessibility of the spot Bitcoin ETF. Previously, the four participants included Jane Street Capital, JP Morgan Securities, Macquarie Capital (USA) Inc., and Virtu Americas.
Bloomberg ETF analyst Eric Balchunas, commenting on the matter, indicated that large companies want to be part of the Bitcoin movement:
Given the increase in the number of participants, it seems that large companies now want a piece of the action and/or are no longer ashamed to be associated with it publicly.
The additions took place 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 net inflows for 49 consecutive days.
