BlackRock iShares Bitcoin Trust has made official history. The BlackRock iShares bitcoin Trust (IBIT), has made official history. Bitcoin ETF The asset under management (AUM) surpassed the $70 billion mark in only 341 trading sessions. IBIT is the first ETF ever to reach this milestone in just 341 trading days.
To put that into perspective, the previous record-holder—SPDR Gold Shares (GLD)—took 1,691 days to reach the same milestone. “5x faster than the old record held by GLD of 1,691 days,” Bloomberg ETF analyst Eric Balchunas wrote In a blog post at X. IBIT has outpaced other ETFs such as VOO (1701 days), IEFA (1773 days), and IEMG (2063 days).
IBIT’s explosive growth in AUM is a direct result of Bitcoin’s continuing rally. Bitcoin (BTC) was at $108,000 when we published this report, an increase of more than 2.06 percent. It is also just 4% shy of its recent all-time high, which reached nearly $112,000 last month.
BlackRock is at the forefront in terms of institutional Bitcoin investing. Blockchain analysis firm Arkham Intelligence, the firm now holds over 663,000 bitcoin—more than Michael Saylor’s MicroStrategy, which famously owns 582,000 BTC.
The ETF and price spike reflect the institutional adoption of Bitcoin, as an increasingly popular asset class. IBIT has grown at a record-breaking pace, which reflects the growing demand for traditional financial products that provide regulated Bitcoin exposure.
This chart shows the difference in ETF adoption times, and how IBIT has accelerated its ascent to reach $70 billion at a steeper rate than any of its competitors. This chart is a clear indication of the rapid pace in which money has been flowing into Bitcoin.
Bitcoin is a growing currency hold just below its peak, and institutional products like IBIT grow at unprecedented speeds, all eyes are on what comes next—not just for Bitcoin, but for the legacy financial industry now being reshaped by it.
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Source: bitcoinmagazine.com
