The iShares Bitcoin ETF joins an exclusive club that only includes 152 funds from the entire ETF universe of 3,400 offerings.
Posted March 1, 2024 at 11:13 am EST.
BlackRock’s spot bitcoin exchange-traded fund (ETF) has now joined an exclusive club of ETFs with over $10 billion in assets under management (AUM) — and the fund hit that mark in a record-setting seven weeks.
The iShares Bitcoin ETF (IBIT) first began trading on Jan. 11 with a slate of other spot funds that had just received approval from the U.S. Securities and Exchange Commission. IBIT isn’t just performing well for a spot ETF. Only 152 ETFs total out of the 3,400 in existence are in the $10 billion club, Bloomberg ETF analyst Eric Balchunas wrote in a tweet. More than three-quarters of IBIT’s assets under management come from inflows, noted Balchunas.
Read more: 5 Ways That Spot Bitcoin ETFs Have Smashed All Expectations
$IBIT the newest member of the $10 Billion Club, fastest ever to get there.. Only 152 ETFs in this club (out of 3,400) incl $GBTC. First $10b so touch bc so much has to come from flows (in $IBITs case 78% of aum is flows). Second $10b easier bc mkt appreciation bigger variable pic.twitter.com/FwysL4GSGk
— Eric Balchunas (@EricBalchunas) March 1, 2024
Read more: BofA’s Merrill, Wells Fargo Offering Clients Access to Bitcoin ETFs: Report
IBIT’s inflows of $603.9 million on Thursday were strong enough to entirely offset the nearly $600 million in outflows from the Grayscale Bitcoin Trust, a previously existing product that converted to a spot bitcoin ETF, according to data from Bloomberg ETF analyst James Seyffart. The second-strongest performer in the group was the Fidelity Wise Origin Bitcoin Fund at $44.8 million, which shows IBIT’s dominance.
Overall, IBIT is trailed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $6.5 billion in AUM, ARK 21Shares Bitcoin ETF (ARKB) with $2.1 billion, and Bitwise Bitcoin ETF (BITB) with $1.5 billion. Excluding the Grayscale Bitcoin Trust, the nine new spot bitcoin ETFs have $21.2 billion in assets under management.
The price of bitcoin (BTC) was down 1.7% over the last 24 hours to $61,800, according to CoinGecko, near its record high price of just above $69,000 reached in Nov. 2021.
Read more: Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://unchainedcrypto.com/blackrocks-spot-bitcoin-etf-ibit-fastest-ever-to-hit-10-billion-in-assets/
- :has
- :is
- 000
- 1
- 10
- 11
- 13
- 152
- 2021
- 2024
- 21Shares
- 24
- 31
- 32
- 400
- 500
- 67
- 8
- 800
- 9
- a
- above
- access
- According
- All
- am
- an
- analyst
- and
- appreciation
- approval
- ARE
- Ark
- Assets
- At
- aum
- background
- began
- bigger
- Billion
- BitB
- Bitcoin
- Bitcoin ETF
- Bitcoin Trust
- Bitwise
- BlackRock
- Bloomberg
- BTC
- case
- clients
- club
- CoinGecko
- come
- commission
- converted
- Dominance
- down
- easier
- enough
- Entire
- entirely
- eric
- Eric Balchunas
- ETF
- ETFs
- EVER
- exchange
- exchange-traded
- exchange-traded fund (ETF)
- excluding
- Exclusive
- existence
- existing
- fastest
- fidelity
- First
- Flows
- For
- from
- fund
- funds
- get
- Gold
- Grayscale
- Grayscale Bitcoin Trust
- Group
- had
- Have
- High
- Hit
- HOURS
- HTTPS
- in
- includes
- inflows
- iShares
- ITS
- james
- Jan
- joined
- Joins
- jpg
- just
- Last
- logo
- management
- March
- March 1
- mark
- max-width
- member
- merrill
- million
- more
- much
- Near
- nearing
- nearly
- New
- Newest
- nine
- noted
- nov
- now
- of
- offering
- Offerings
- offset
- on
- only
- origin
- Other
- out
- outflows
- over
- performer
- performing
- plato
- Plato Data Intelligence
- PlatoData
- posted
- previously
- price
- Product
- reached
- received
- record
- s
- Second
- Securities
- Securities and Exchange Commission
- sell
- sell bitcoin
- seven
- should
- Shows
- shutterstock
- Slate
- So
- Spot
- Spot Bitcoin Etf
- spot etf
- strong
- than
- that
- The
- There.
- this
- thursday
- to
- Total
- touch
- Trading
- true
- Trust
- u.s.
- U.S. Securities
- U.S. Securities and Exchange Commission
- Unchained
- under
- Universe
- variable
- was
- ways
- Weeks
- WELL
- Wells
- Wells Fargo
- were
- which
- WISE
- with
- wrote
- You
- zephyrnet