Asset management titan BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) now reportedly manages more than $50 billion in assets, just 11 months after its launch.
According to Bloombergno other ETF had a better debut than BlackRock’s iShares Bitcoin Trust (IBIT).
Citing Todd Sohn, managing director of ETF and technical strategy at institutional brokerage firm Strategas Securities, the report says IBIT’s size is now equal to the combined assets under management of more than 50 European market-oriented ETFs, most of which already exist. for more than two decades.
Advisory firm The ETF Store president Nate Geraci says it’s “the biggest launch in ETF history.”
Bloomberg Intelligence analyst Eric Balchunas says IBIT reached over $50 billion in assets under management five times faster than the next fastest ETF, BlackRock’s iShares Core MSCI EAFE ETF, which took nearly four years to reach this level.
IBIT also owns more assets than BlackRock’s iShares Gold ETF, the world’s second-largest gold fund, as the Bitcoin ETF saw the third-largest net inflows at $37 billion last year. Geraci says that as long as Bitcoin’s price doesn’t collapse, IBIT could potentially surpass SPDR Gold Shares – the largest gold ETF – by 2025.
Bloomberg Intelligence analyst James Seyffart says that based on the ETF’s current asset level and a 0.25% expense ratio, IBIT can expect to earn about $112 million per year.
“The growth of IBIT is unprecedented. It is the fastest ETF to reach the most milestones, faster than any other ETF in any asset class.”
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