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BlackRock’s spot Bitcoin ETF surpasses $10 billion in assets under management, faster than any other to date


BlackRock’s iShares Bitcoin Trust (IBIT) now has more than $10 billion in assets under management (AUM), according to CoinGlass data.

Eric Balchunas, analyst at Bloomberg ETF noted that IBIT is one of 152 exchange-traded funds (ETFs) to hit the $10 billion mark. Currently, there are a total of around 3,400 ETFs.

He observed that IBIT is the fastest to reach $10 billion in assets under management. The fund started trading less than two months ago on January 11, meaning it reached its current level in less than two months. separately noted that the first gold ETF failed to reach $10 billion in assets under management for two years.

IBIT AUM growth, via Eric Balchunas/Bloomberg

Competitor Grayscale Bitcoin Trust (GBTC) reports larger assets under management, with $27 billion in assets under management. However, GBTC originated as an investment fund in 2013 before being converted to an ETF this year, and unlike BlackRock’s IBIT, it did not start with zero assets.

The third largest spot Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), now has $6.5 billion in assets under management. The ten existing spot Bitcoin ETFs total $48.2 billion in assets under management.

Reasons for the growth of IBIT

Balchunas suggested that the rise in IBIT’s assets under management was due to capital inflows. He suggested that ETFs typically struggle to reach the first $10 billion of assets under management because that value must come from inflows, while the second $10 billion is easier to achieve due to the market appreciation.

IBIT surpassed the $10 billion mark on March 1. At that time, the ETF reported $7.7 billion in inflows since its launch, including $603 million in inflows on February 29. According to Balchunas, this makes IBIT the ETF with the third longest investment period. influx.

Rising Bitcoin prices could further contribute to IBIT growth. As of March 4, Bitcoin was worth $67,200. Its price is up 25.3% over the last week and 51.0% over two months.

Additionally, some financial institutions, including Bank of America’s Merrill Lynch and Wells Fargo, have reportedly begun offering access to BlackRock’s Bitcoin ETF and competing exchange-traded funds. This development may have contributed to recent growth.


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