BlackRock’s IBIT spot Bitcoin ETF reaches $70 billion in assets under management, reinforcing institutional demand for regulated crypto exposure
The IBIT Spot Bitcoin ETF, which BlackRock manages, has achieved $70 billion in assets under management (AUM) at the quickest pace in history. The ETF has achieved that milestone at the fastest pace in history, surpassing the previous record holder, GLD, by a factor of five.
In just 341 days of trading, the firm’s IBIT fund, the largest of its kind, surpassed $70 billion in assets, making it the quickest ETF to achieve that milestone, according to Bloomberg Senior ETF Analyst Eric Balchunas.
On Monday, Balchunas announced on X that IBIT had recently exceeded $70 billion, making it the fastest ETF to achieve this milestone in 341 days.
This is five times quicker than the previous record, which was held by GLD, which was 1,691 days. A 34-day streak of inflows in a rebounding ETF market was also observed in IBIT recently.
BlackRock has avidly supported Bitcoin for the majority of the past two years. One of the original issuers of the landmark spot Bitcoin ETFs to go to market in 2024, the $11 trillion asset manager broke new ground.
These products have been instrumental in the company’s continuous growth, which has resulted in the company reaching new heights regularly.
Grayscale, Fidelity, and other prominent asset managers have established their own BTC ETFs, which has resulted in IBIT becoming the most widely used and popular among them.
BlackRock’s exchange-traded fund experiences ongoing prosperity. As a result of Bitcoin’s significant year
Larry Fink, the CEO of BlackRock, addressed the global expansion of Bitcoin in April of this year.
In particular, he was unequivocal in his conviction that BTC could eventually supplant the US dollar as a global reserve asset. His conviction was robust and was founded on the potential that Fink and investors perceived in the cryptocurrency.
This has persisted throughout the year. According to CoinMarketCap, the asset has experienced a rise of over 24% in the past 30 days. Additionally, the price increase has been substantial for BlackRock, which has now become the second-largest Bitcoin holder in an unprecedented surge to $111,000, as the pro-crypto asset manager.
According to Eric Balchunas, Bloomberg has reported that BlackRock’s Spot Bitcoin ETF is currently among the top five US ETFs in terms of year-to-date inflows. That is not likely to change shortly.
Additionally, it should serve as an incentive for the eventual authorization of additional crypto-based exchange-traded funds (ETFs). Tokens such as Ripple (XRP) and Solana (SOL) await decisions.
