Bloomberg News reports that BlackRock’s ETF has become the largest bitcoin fund in the world.

BlackRock’s iShares Bitcoin Trust has taken the crypto world by storm, becoming the largest fund for the world’s largest cryptocurrency with nearly $20 billion in total assets since its U.S. listing in January, according to Bloomberg News.

The exchange-traded fund now holds $19.68 billion in tokens, surpassing Grayscale Bitcoin Trust’s $19.65 billion, as reported by Bloomberg. While Reuters could not independently verify these numbers, Grayscale’s website lists its assets under management at $19.75 billion.

Market analysts have been closely monitoring the flows into BlackRock’s ETF and out of the Grayscale Bitcoin Trust since the launch of nine new ETFs and the conversion of Grayscale’s trust into an exchange-traded product in January.

The approval of spot bitcoin ETFs by the Securities and Exchange Commission, led by crypto skeptic Gary Gensler, marked a significant shift in the market. Grayscale, which had previously dominated the space, has faced steady outflows since the launch of its newly converted ETF.

BlackRock’s success in the competitive bitcoin landscape highlights the importance of distribution networks and low fees. The firm’s strong relationships with independent financial advisors and wealth managers have driven significant asset inflows into the ETF.

While some hedge funds have reported large positions in the new ETFs, institutional investors have been slower to embrace them. Jay Jacobs, U.S. head of thematic and active ETFs at BlackRock, acknowledges that the adoption process for institutional buyers may take years.

Overall, BlackRock’s rise to the top of the bitcoin fund industry serves as a reminder that being the first mover doesn’t guarantee success. Legacy disadvantages and high fees can hinder early incumbents, while strong distribution networks and low costs can attract significant assets.