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Monday, June 10, 2024
HomeCryptoBlackRock's Bitcoin Spot ETF currently holds more than $21 billion in BTC

BlackRock’s Bitcoin Spot ETF currently holds more than $21 billion in BTC

This achievement is even more impressive when considering the timeline of the recent milestone. Indeed, the cryptocurrency-based exchange-traded product has only been trading for five months, with the offering officially going live on January 11. Since then, the company’s IBIT Bitcoin ETF has become the most successful fund on the market.

BlackRock Spot Bitcoin ETF Exceeds 300,000 BTC in AUM

As we approach the midpoint of the year, crypto-based ETFs have dominated the discussion in the financial sector. Bitcoin was approved in January, followed by Ethereum with approval last month. Although the latter has not yet launched, BTC has already proven to be incredibly valuable.

One of the most anticipated entries in the space is BlackRock, a Bitcoin spot ETF that currently holds over $21 billion in BTC. Indeed, the investment from the famous asset manager exceeded 300,000 Bitcoin in assets under management.

According to platform’s fund page , the offering has raised 302,534 BTC since it first launched just five months ago. Additionally, the product saw a net inflow of nearly 5,000 BTC yesterday. This development follows BlackRock’s ascension to becoming the largest spot Bitcoin ETF in terms of assets under management.

Specifically, BlackRock’s IBIT surpassed Grayscale’s Bitcoin ETF in the last week of May. The notable change is that Grayscale converted a Bitcoin trust that has been on the OTC market since 2015.

It appears that no Bitcoin ETF can compete with BlackRock’s reach and relevance. Furthermore, it will be interesting to see how BlackRock’s Ethereum ETF will perform following its undeniable success.

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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