As the U.S. Senate passes the Genius Act, marking the first federal framework for stablecoins, ISS Market Intelligence (ISS MI) is tracking how this regulatory milestone is reshaping the crypto fund landscape.
According to the latest data from ISS MI’s MarketPulse platform (as shown in Figure 1), just three firms, BlackRock, Fidelity, and Grayscale Advisors, now control nearly 85% of all crypto fund assets under management (AUM), totaling approximately $123 billion. BlackRock leads by a wide margin, with nearly $70 billion in AUM across its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA), both of which have seen combined net inflows of 22.3% year-to-date.
In contrast, Grayscale Advisors has experienced nearly $2 billion in outflows so far this year, likely driven by recent fee increases. Fidelity, while maintaining a strong position, has also seen more modest flows compared to BlackRock’s dominant performance.
