Research Weekly - BlackRock’s Consistent Premiums

March 05, 2024

We saw the first casualty of the ETF wars as futures-based US ETFs and Canadian spot ETFs combine for nearly $600M of outflows. IBIT continues to trade at a premium to its NAV, consistently above any other competing spot ETF. It is our understanding that Coinbase serves as the sole Bitcoin Trading Party for IBIT, responsible for acquiring bitcoin for the fund. Since the launch of spot ETFs in the US, Canadian ETFs have seen a cumulative outflow of $298M USD, which has potentially flowed into US spot ETFs. Not much has changed in the spot ETF leaderboard, aside from AUM balances.

The source of this news is from NYDIG