Spot Bitcoin ETFs rank among largest commodity ETFs by assets held

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6 Feb 2024

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Trump calls CDBCs “very dangerous” and labels the power of AI “scary”
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Spot Bitcoin ETFs rank among largest commodity ETFs by assets held

GBTC and IBIT are among the top ten ETFs in that category.
Mike Dalton
Feb. 2, 2024 at 10:41 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Several recently launched spot Bitcoin ETFs now rank alongside the largest commodity ETFs in terms of assets under management (AUM).
Combining VettaETF’s list of commodity ETFs with its list of blockchain ETFs produces the following results:
RankTickerNameAUM (in millions of dollars)1GLDSPDR Gold Shares56,206.82IAUiShares Gold Trust26,062.53GBTCGrayscale Bitcoin Trust20,5194SLViShares Silver Trust10,120.25GLDMSPDR Gold MiniShares Trust6,378.476PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF4,584.347IBITIShares Bitcoin Trust2,8378SGOLabrdn Physical Gold Shares ETF2,748.489FBTCFidelity Wise Origin Bitcoin Fund2,53510FTGCFirst Trust Global Tactical Commodity Strategy Fund2,285.25
That data indicates that Grayscale’s GBTC has $20.5 billion in AUM, making it the third largest commodity ETF after two gold ETFs.
Meanwhile, BlackRock’s IBIT is the seventh largest ETF on the list, with $2.8 billion in AUM. Fidelity’s FBTC is the ninth largest, with $2.5 billion in AUM.
Two other spot Bitcoin ETFs are not shown in the above chart but rank among the top 25 commodity ETFs by assets under management. ARK 21Shares’s ARKB fund has $665 million in AUM and ranks at #25. Bitwise’s BITB fund has $641 million in AUM and ranks at position #26.

BTC ETFs are generally considered commodities ETFs

Though VettaETF does not include spot Bitcoin ETFs within its list of commodity ETFs, asset managers generally consider this the case.
BlackRock, for example, labels IBIT a commodity ETF on its website. Similarly, Ark Invest refers to ARKB as an Indexed Commodity ETF. Grayscale, meanwhile, has called GBTC the second-largest commodity-based ETF — a statement made before its current status as the third-largest ETF of that type.
However, this is not universal: Bitwise and Fidelity do not appear to label their products as commodity ETFs. Most asset managers also acknowledge in a disclaimer that their fund is not registered under the Investment Company Act of 1940 (which partially affects a fund’s engagement in commodities trading) and is not a commodity pool under the Commodity Exchange Act.
Spot Bitcoin ETFs gained approval from the U.S. Securities and Exchange Commission (SEC) in January. SEC chair Gary Gensler referred to the funds as “ETPs holding [a] non-security commodity, Bitcoin” in his approval statement.
AUTHOR

Mike Dalton

Journalist at CryptoSlate
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
EDITOR

News Desk

Editor at CryptoSlate
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
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Gary Gensler is an American government official and former investment banker who President Joseph R.
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