The nine newly approved spot Bitcoin exchange-traded funds (ETFs) in the United States now have more than 300,000 Bitcoin (BTC)—or over $17 billion worth of the asset—under management, data from K33 Research shows.. Data from the research firm shows that the nine fund managers collectively have 303,002 BTC under management—a new high. It also is 1.5% of the current 19.6 million BTC in circulation. At the current price of about $57,040, that collective tally comes out to about $17.3 billion worth of the leading cryptocurrency.. Note that this tally does not include the holdings of Grayscale, which converted its existing Bitcoin Trust (GBTC) launched in 2013 into a spot Bitcoin ETF once approved by the United States Securities and Exchange Commission (SEC).. According to the GBTC website, Grayscale alone holds 444,446 BTC, or about $25.3 billion worth. All combined, the spot Bitcoin ETFs new and old hold almost $43 billion worth of the cryptocurrency.. Major fund managers are quickly snapping up the virtual currency because there is client demand: Investors want to buy ETF shares that track the underlying price of the asset.. BlackRock, the world’s biggest fund manager, has the most assets under management among the newest batch of Bitcoin ETF operators: currently over $7 billion worth. The Wall Street titan’s iShares Bitcoin Trust also recorded its best day of trading yet on Monday, with over $1.3 billion in shares trading hands.. In January, the SEC gave the green light to the products, which trade like stocks and allow traditional investors to get exposure to Bitcoin without having to worry about things like coin custody.. The products have been a huge success as investors previously unable to get their hands on Bitcoin in a safe and regulated manner flock to the space.. Following the approval of spot Bitcoin ETFs, the price of the biggest digital currency dropped. This was because Grayscale’s product—which converted from operating like a closed-end fund to an ETF—experienced significant outflows, putting downward pressure on the price.. But Grayscale’s outflows have since slowed, and Bitcoin is surging—now up 11% over the past week alone.. Edited by Andrew Hayward. Stay on top of crypto news, get daily updates in your inbox.. Your Email