BlackRock’s Bitcoin ETF Joins $10 Billion Club

BlackRock, the world’s largest asset manager, and its iShares Bitcoin Trust (IBIT) have officially joined the exclusive $10 billion club.

The fund rapidly achieved this status, becoming the fastest exchange-traded fund (ETF) to reach the $10 billion threshold in assets under management (AUM), a feat that underscores the accelerating institutional adoption of cryptocurrency-focused investment vehicles.

$GLD held the record for multiple decades for fastest ETF to $10B. Did it in just under 3 years. $IBIT just did it in 7 weeks.

— Anthony Scaramucci (@Scaramucci) March 1, 2024

It took BlackRock’s Bitcoin ETF only seven weeks to reach this milestone. This milestone was previously held by gold-focused fund GLD for several decades. It took nearly three years to achieve this level.

Leading charge

Bloomberg Intelligence provides a detailed snapshot of the leading Bitcoin ETFs by asset. Grayscale Bitcoin Trust (GBTC), with an impressive $25.7 billion in total volume, although experiencing a decline in flows, remains the largest Bitcoin trust. Its size can be attributed to its early entry into the market, providing investors with exposure to Bitcoin through a traditional investment vehicle.

Following GBTC is BlackRock’s iShares Bitcoin Trust (IBIT), which not only boasts a substantial $21.9 billion in assets but also shows a staggering inflow of $7.7 billion due to an immense level of trust and interest from investors.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) stands out, with $13.2 billion in assets and a notable inflow of $4.7 billion. The fund benefits from Fidelity’s strong brand reputation.

ARK 21Shares Bitcoin ETF (ARKB), with $4.5 billion in assets and $1.8 billion in inflows, reflects the innovative investment strategy that ARK is known for, focusing on disruptive technologies, including cryptocurrencies.

Bitwise Bitcoin ETF (BITB) and Invesco Galaxy Bitcoin ETF (BTCO) are also key players in this landscape, with assets of $4.4 billion and $2.0 billion, respectively.

Other funds, like the VanEck Bitcoin Trust (HODL) and the Valkyrie Bitcoin Fund (BRRR), are smaller in size.

Titans of ETF world

In comparison, traditional ETFs like the SPDR S&P 500 ETF Trust (SPY) hold a commanding lead with $497.9 billion in AUM, demonstrating long-standing investor confidence in the stock market.

The iShares Core S&P 500 ETF ($IVV) and the Vanguard S&P 500 ETF (VOO) follow closely, with AUMs of $442.7 billion and $413.7 billion.

The Vanguard Total Stock Market ETF ($VTI) and the Invesco QQQ Trust Series I (QQQ) round out the top ETFs, with substantial AUMs of $374.8 billion and $252.6 billion.

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