BlackRock has reached an impressive milestone with its highly successful Bitcoin (BTC) spot exchange traded fund (ETF). After just seven weeks of trading, BlackRock’s Bitcoin ETF IBIT has joined a special list of exchange funds with at least $10 billion in assets under management. Never before has a fund become a member of the “$10 billion club” so quickly.
IBIT Bitcoin ETF achieves historic success
Since the mass launch of Bitcoin spot ETFs on January 11, BlackRock’s fund has become the most successful newcomer. Huge amounts of money flow into the fund every day, causing the BTC holdings used as collateral to rise rapidly.
Bloomberg ETF analyst Eric Balchunas said on social media platform X this afternoon knowledge that BlackRock has reached the historic milestone of $10 billion in assets under management (AUM).
He said only 152 of the 3,400 ETFs had more than $10 billion in assets under management. ETF expert Nate Geraci wrote also yesterday that “the vast majority of them were launched more than 10 years ago”.
As previously mentioned, BlackRock achieved a first by becoming the fastest fund ever to reach the $10 billion mark.
In total, the world’s largest asset manager owns more than 162,000 Bitcoins for its ETF. This gives it a big “edge” over the other newly launched Bitcoin ETFs.
Fidelity is in second place with more than 105,000 Bitcoins (equivalent to $6.3 billion at the current BTC price). ARKB, the joint fund of ARK Invest and 21Shares, is in place with more than 34,000 Bitcoins ($2.1 billion ) on the third place.
Grayscale’s GBTC, which was a closed trust fund before approval, is still by far the largest fund despite daily capital outflows. Despite an outflow of around 190,000 BTC, the crypto asset manager holds more than 432,000 BTC for its fund.
Record inflows to BlackRock’s Bitcoin ETF
A huge amount of money flowed into BlackRock’s Bitcoin ETF in the last few days. On Tuesday, Wednesday and Thursday, net inflows exceeded $500 million. In fact, a record inflow of $603.9 million was registered yesterday.
This helped offset the large outflow of nearly $600 million from Grayscale’s GBTC. The bottom line was that net inflows yesterday were $92.4 million.
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