In the context of amplified investment products, BlackRock’s Bitcoin spot ETF holds more than $10 billion worth of BTC. The company’s IBIT leads the initial 11 Bitcoin spot ETFs approved and reaches this significant milestone only seven weeks after the funds start trading.
Moreover, the company is currently the fastest ETF to reach the $10 billion milestone in managed assets. Its presence has propelled Bitcoin to $62,000 this week, the highest price since November 2021. Bitcoin spot ETFs have surpassed a total trading volume of $4.69 billion on Thursday, continuing to demonstrate as a major success.
BlackRock Bitcoin ETF Fastest to Join the $10 Billion Club
Earlier this year, there was a high expectation for Bitcoin. With the U.S. Securities and Exchange Commission (SEC) ready to approve new spot ETFs for this asset, investors across the industry were very optimistic. Now, that optimism has paid off, and a large part of it is thanks to the success of those ETFs in their first seven weeks of trading.
However, there is one fund that stands out from the group, and that is BlackRock’s Bitcoin spot ETF, which currently holds over $10 billion worth of assets. Additionally, this $10 trillion asset management company is the fastest to reach this milestone. The company has surpassed 162,000 managed BTC, with Fidelity’s FBTC recently surpassing 105,000 BTC worth $6.3 billion.
Nate Geraci, President of The ETF Store, said in a tweet: “In this context, only about 150 out of 3,400 ETFs have AUM over $10 billion. The majority of them have been around for more than 10 years.”
That is perhaps the most impressive fact about this breakout character, as it is only seven weeks old. However, the Bitcoin spot ETF market as a whole has gained significant traction since the approval on January 11. Ark Invest’s 21 Shares ETF has 34,000 BTC worth $2.1 billion. Meanwhile, BTC continues to gain value ahead of the highly anticipated Bitcoin halving event in April.
