BlackRock’s new iShares spot Bitcoin (BTC) exchange-traded fund (ETF) has passed $2 billion in assets under management (AUM).
The iShares Bitcoin Trust (IBIT) Now Owns 49,952,3257 BTC, According to ETFs product page.
With BTC trading at $41,867 at the time of writing, the ETF’s total Bitcoin holdings are now worth more than $2.08 billion.
On January 10, the SEC approved all 11 spot BTC ETFs under consideration, after applicants spent months working with the regulator to refine their proposals.
The regulator approved the launch of the country’s first Bitcoin futures ETFs in October 2021, but had rejected all previous spot Bitcoin ETF applications until the batch of approvals earlier this month.
Exchange traded funds track the performance of a particular asset or group of assets and trade on the stock market. All approved spot Bitcoin ETFs require the issuer to directly hold BTC.
In addition to Grayscale (GBTC), which is converting the existing shares of its Bitcoin trust into an ETF, BlackRock’s IBIT is the first of BTC’s recently approved exchange-traded funds to cross the $2 billion mark under management.
Obviously there aren’t any flows yet and the full volume numbers aren’t in yet for the #Bitcoin ETFs, but today was a big day for BlackRock’s $IBIT. Typical $GBTC is the far and away leader in liquidity. Still the leader today, but these other ETFs in particular are catching up $IBIT. pic.twitter.com/BIWE54PlxK
— James Seyffart (@JSeyff) January 26, 2024
Nate Geraci, the president of investment advisory firm The ETF Store, notes that the iShares exchange-traded fund is now one of the top three ETFs in terms of current assets out of more than 600 launched since early 2023.
He also thinks that IBIT will take the number one spot on the list next week.
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Generated image: Midjourney