BlackRock’s Bitcoin ETF Loses $4.5B in June as It Joins Open USD Stablecoin
BLK•US-listed Bitcoin spot ETFs saw record $4.5 billion in net outflows during June, marking the worst month on record and pressuring BlackRock’s IBIT product. Separately, BlackRock is partnering with Visa, Stripe, Alphabet, Coinbase and others to launch the Open USD stablecoin later this year.
1. Record Bitcoin ETF Outflows
US-listed Bitcoin spot ETFs recorded $4.5 billion in net outflows during June, the largest monthly withdrawal since inception. BlackRock’s IBIT fund, down 2.6% on the day, saw substantial redemptions that could dent its fee-based revenue and pressure future asset inflows.
2. Open USD Stablecoin Partnership
BlackRock has joined a consortium including Visa, Stripe, Alphabet, Coinbase and others to launch a US dollar-backed stablecoin called Open USD later this year. The partners plan to integrate the token into payment networks and digital platforms, potentially opening new fee streams for asset managers.
