BlackRock’s IBIT ETF has about 50,000 BTC and has reached $2 billion in assets under management
Not only does the quick accumulation show how interested investors are, but it also signifies a watershed point in the mainstreaming of digital assets in the financial sector.
According to statistics from Bloomberg Terminal, BlackRock’s iShares Bitcoin ETF (IBIT) has established a new record for cryptocurrency investment vehicles by accumulating over $2 billion in AUM in only 10 days after it began trading.
Through its ETF, BlackRock now holds almost 50,000 BTC. Not only does the quick accumulation show how interested investors are, but it also signifies a turning point in the mainstreaming of digital assets in the financial sector.
An ongoing flow of funds has been seen at IBIT since its inception. The fund’s AUM increased dramatically in the first week due to targeted acquisitions and the increasing value of bitcoin. On the ninth day, there was a significant spike of almost $170 million in investments.
The fund’s overall assets increased to 49,952 bitcoins, as it was able to purchase almost 4,300 bitcoins thanks to this inflow. The value of IBIT skyrocketed, surpassing $2 billion, as bitcoin’s price soared beyond $40,000.
When put in context with its rivals, the ETF’s performance becomes even more impressive. Although Grayscale’s Bitcoin Trust (GBTC) became a spot ETF with about $30 billion in assets under management, the rapid expansion of IBIT demonstrates the ever-changing character of cryptocurrency investments and the trust that investors have in BlackRock’s leadership.
Among the 600+ ETFs that have debuted in the last year, IBIT ranks third in asset accumulation, according to Nate Geraci, President of the ETF Store. Geraci thinks that IBIT will soon overtake more traditional funds as the top exchange-traded fund (ETF) in terms of assets.
With just under 44,000 BTC in its holdings as of press time, Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) is in a prime position to become the second fund to surpass the $2 billion mark. Since its inception, the ETF has almost replicated IBIT’s success, with $1.8 billion in ten days and over $100 million in inflows on January 26.
Day 10 trading volume for Fidelity was $223.8 million, which was somewhat more than IBIT’s $203.7 million. The increasing interest in and acceptance of cryptocurrencies is evident in the mad dash between large financial institutions to get in on the action.
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