On Friday, the BlackRock iShares Bitcoin ETF (IBIT) achieved a significant milestone by becoming the first among the recently introduced spot bitcoin products to surpass $2 billion in assets under management (AUM). Notably, this achievement stands independently from Grayscale’s GBTC, which boasted nearly $30 billion in AUM at the time of its transformation from a closed-end fund to a spot ETF.
BlackRock Bitcoin ETF Hits 2 Billion Dollars AUM Mark, a First in the Industry
During Thursday’s trading session, investors injected approximately $170 million into the BlackRock iShares Bitcoin ETF (IBIT), resulting in a substantial increase in the fund’s holdings. This capital infusion allowed IBIT to acquire nearly an additional 4,300 bitcoins (BTC), bringing the total tokens held by the fund to 49,952. The following day, Friday, witnessed a significant surge in the price of bitcoin, with the cryptocurrency surpassing the $40,000 threshold. This surge in bitcoin’s price propelled IBIT’s assets under management (AUM) beyond the $2 billion mark, marking a significant milestone for the fund.
Nate Geraci, president of ETF Store, emphasizes that IBIT is poised to potentially claim the top spot in asset accumulation. This noteworthy achievement underscores the growing prominence of bitcoin ETFs within the investment landscape, signaling increasing investor interest and confidence in the cryptocurrency market.