3 Crypto Giants—Blackrock, Grayscale, and Fidelity—Hold 85% of U.S. Bitcoin ETF Reserves

Eleven months and thirteen days ago, the United States welcomed the first spot Bitcoin exchange-traded funds (ETFs), bringing it into the fold of traditional finance (tradfi). Since their debut, these ETFs have not only broken records, but have also accumulated more than one million Bitcoins.

3 Crypto Giants—Blackrock, Grayscale, and Fidelity—Hold 85% of U.S. Bitcoin ETF Reserves

Emerging spot ETFs trigger a shift in crypto investment power
The launch of these spot Bitcoin ETFs was a groundbreaking event , with ten funds immediately entering the fray, though eleven received approval. Hashdex’s DeFi Fund had to switch from a futures ETF to a spot Bitcoin fund until the end of March, when it completed the switch . Similarly, Grayscale ’s Bitcoin Mini Trust didn’t debut until the end of July. According to data from their respective websites, as of December 24, 2024, these funds hold a staggering 1,132,727.50 BTC in total.

Blackrock stands proudly at the top of these funds, holding 553,055.27 BTC, currently valued at approximately $54.4 billion. This massive holding accounts for 48.82% of the total 1.13 million BTC in these twelve funds. Next is Grayscale's GBTC, which, as of December 24, owns an impressive 207,100.18 BTC, valued at approximately $20.3 billion. Blackrock's IBIT is traded on the Nasdaq, while GBTC performs its dance moves on the New York Stock Exchange (NYSE).

Three crypto giants — Blackrock, Grayscale and Fidelity — account for 85% of U.S. Bitcoin ETF reserves

On Cboe, Fidelity's FBTC ranks third, holding 203,194.05 BTC, equivalent to $20 billion. It is amazing that Blackrock's IBIT and Fidelity's FBTC have accumulated such a large amount of Bitcoin this year. What's more interesting is that about 400,000 BTC have disappeared from GBTC's treasury since the beginning of the year. Before its listing on the NYSE, GBTC was the darling of OTC, with more than 600,000 BTC.

Despite this outflow, while on par with GBTC and FBTC in terms of their BTC reserves, it cannot compare to the sheer size of the three giants. However, IBIT has far surpassed them. Next in the category by Bitcoin holdings is Ark Invest and 21shares’ ARKB fund, which has amassed 47,013 BTC, or $4.6 billion today — a figure that pales in comparison to GBTC and FBTC’s $20 billion, and IBIT’s massive $54.4 billion.

Close behind is Bitwise's BITB, which holds 40,909.86 BTC, while Grayscale's Bitcoin Mini Trust holds 38,275.49 BTC. ARKB, BITB, and Grayscale's Bitcoin Mini Trust together form their own elite club with large reserve sizes. Vaneck's HODL is not far behind, with 13,716.827 BTC, valued at approximately $1.3 billion. Slightly lower is Coinshares' Valkyrie BRRR, which holds 9,069.3 BTC, equivalent to $892 million. Invesco's BTCO holds approximately 8,780 BTC, while Franklin Templeton's EZBC holds approximately 7,624.52 BTC, and Wisdomtree's BTCW holds a stable 3,841 BTC.

Finally, Hashdex’s DEFI closed with a modest position of 148 BTC, valued at $14.5 million. In its first year, the U.S. spot ETF has accumulated more than one million Bitcoins, marking a major shift in the accessibility of cryptocurrency investments. Three major players—Blackrock, Grayscale, and Fidelity—control more than 85% of the total holdings, demonstrating the concentration of institutional crypto adoption and the competitive dynamics of these emerging financial instruments.