BlackRock-managed Bitcoin exchange-traded fund iShares Bitcoin Trust (IBIT) briefly hit $20.000 billion in total assets.
BlackRock now manages the world's largest Bitcoin spot ETF, with a total holding of 288.670 BTC, accumulated since its creation.
The iShares Bitcoin Trust, which launched on Nasdaq on January 11 under the ticker IBIT, has become the first Bitcoin exchange-traded fund to reach the $20.000 billion mark in assets under management.
With this, IBIT has not only become The world's largest Bitcoin spot ETF, surpassing its rival Grayscale Bitcoin Trust (GBTC), from Grayscale Investments, but it has also become the fastest growing exchange-traded fund in financial history.
IBIT sets a new record
The spectacular growth that the IBIT fund has experienced since its launch in January was reinforced by the acceleration of GBTC investor outflows. Compared to this Bitcoin ETF, IBIT offers lower and more attractive rates for investors, which has motivated massive entry and, therefore, its exponential growth.
According to data According to the SoSo Value platform, at the time of writing, IBIT manages $19.680 billion in total assets, with Bitcoin trading at an average price of $69.450. Meanwhile, Grayscale’s Bitcoin fund, GBTC, has total assets of $19.650 billion, which is 0,15% less than IBIT’s assets.
Source: SoSo Value
IBIT's strong inflows since launch have also seen the fund exceed all expert expectations.
BlackRock dethrones Grayscale in the Bitcoin spot ETF market
Grayscale is a pioneer of institutional Bitcoin investment, with over a decade of providing investors with access to the market-leading cryptocurrency. However, the approval and launch of Bitcoin spot ETFs marked a turning point for both the cryptocurrency and investors, allowing BTC to become a more accessible investment asset, through a regulated and well-known access route.
In line with the above, investors have flocked to investment vehicles such as the Bitcoin exchange-traded fund offered by BlackRock, which is the largest asset manager worldwide, and others such as Fidelity, which offer lower and more attractive fees to investors compared to GBTC.
In March, two months after its launch, BlackRock’s IBIT became the first Bitcoin spot ETF to hit the $10.000 billion mark in assets under management. Now, two months later, it has set a new record, positioning itself as the first Bitcoin exchange-traded fund to have reached $20.000 billion in total assets. All of this, buoyed by growing demand from Bitcoin investors.
In addition to IBIT, other spot Bitcoin ETFs have also seen an impressive rise since their approval in January. According to the platform’s data, the Fidelity Wise Origin Bitcoin Fund, which trades on the Cboe exchange under the ticker FBTC, holds over $11.000 billion in total assets, making it the third-largest Bitcoin spot ETF on the market today.
Note: This article has been updated to note that BlackRock's current Bitcoin holding is 288.670 BTC.
