BlackRock, the world’s largest asset manager, is now earning more in annual fees from its spot Bitcoin exchange-traded fund than its flagship S&P 500 fund, according to a recent report.
“IBIT overtaking IVV in annual fee revenue is reflective of both the surging investor demand for Bitcoin and the significant fee compression in core equity exposure,” NovaDius Wealth Management president Nate Geraci told Bloomberg on Wednesday
Bitcoin is now the most popular currency on Wall Street “undivided attention”
BlackRock’s iShares Bitcoin Fund (NASDAQ: BTCC) boasts an expense rate of 0.25% with around $75 billion under management.BTC) ETF (IBIT) has generated $187.2 million in annual fees, approximately $100,000 more than its iShares Core S&P 500 ETF (IVV).
With assets of approximately 624 billion dollars, the IVV launched in 2000 is eight times bigger than IBIT. However, it charges only 0.03%, almost nine-fold less.
Many crypto executives commented on the findings. Anthony Pompliano, a crypto entrepreneur said Post X in a comment “Bitcoin has Wall Street’s full, undivided attention now.” Ben Pham is the chief financial officer at Strive Funds said Bitcoins will soon be a reality “the death” Active management portfolios and passive indexation.
Cade O’Neill, a crypto trader said It is a good idea to get a hold of someone else. “says everything about where capital is headed. Institutions aren’t just curious anymore, they’re committed.”
McKay Research’s founder James McKay. said The news is bullish “Probably something.”
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BlackRock IBIT, launched in January 2024, has seen inflows of $52.4 billion, which is the largest US Bitcoin ETF. according Farside Data.
IBIT’s trading day ended on Wednesday with a closing price of $62.41, up by 4.31%. according Google Finance data. Bitcoin’s value has increased by 2.8% over the period. trading The average annual salary for a worker in the United States is $108,660.
The IVV ended the day with a closing price of $623.42. This is an increase of 0.44%.
After 15 trading days with net inflows, US spot Bitcoin ETFs experienced their first day of outflows on Wednesday.
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Source: cointelegraph.com
