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BlackRock has acquired Grayscale as the largest manager of digital asset funds in assets under management (AUM). marked by James Butterfill, chief research officer at CoinShares, BlackRock now owns more than $22 billion in crypto, while Grayscale owns nearly $21 billion.

The biggest difference between the two asset managers is in spot Bitcoin exchange-traded funds (ETFs). BlackRock’s IBIT took the lead in February, a month after the ETF launched in the U.S., and has since grown to $21 billion in AUM, according to DefiLlama’s facts.

Meanwhile, Grayscale’s GBTC holdings fell in the period, to $14.2 billion. Fidelity’s FBTC is hot on GBTC’s heels, approaching $11 billion.

However, the gap in AUM between asset managers’ Ethereum (ETH) ETFs is still pending on Grayscale’s side. ETHE holds around $5 billion worth of ETH, while BlackRock’s ETHA has yet to hit $1 billion.

Nevertheless, a similar landscape played out in the Bitcoin ETF market, with BlackRock gradually covering ground and overtaking Grayscale. If history repeats itself, the same could happen with Ethereum ETFs, and the numbers show that this is a likely scenario.

Less than a month after Ethereum ETFs began trading in the US, Grayscale has already recorded $2.3 billion in outflows from its ETHE fund, according to Farside Investors factsThe fleeing money was offset by $222 million in inflows presented by his “ETH mini trust” with the ETH ticker.

On the other hand, BlackRock’s capital flows during the same period amounted to $966 million, a rapid increase from the $10.6 million in initial capital.

RWA dominance

The tokenized US Treasuries sector is also one that BlackRock has been quick to catch up to. Since the $40 million debut of its tokenized fund BUIDL on March 20, BlackRock has grown its size to almost $518 million. That’s almost 13x growth.

During the same period, Franklin Templeton’s FOBXX fund grew by 21%, reaching $425 million.

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