BlackRock’s IBIT Spot Bitcoin ETF has become the fastest ETF in history to reach $70 billion in assets under management (AUM). The ETF is the fastest in history to reach that milestone, accomplishing five times faster than the former record holder GLD.
The firm’s IBIT fund, the largest of its kind, surpassed $70 billion in assets in just 341 days of trading, making it the fastest ETF to reach that milestone, according to Bloomberg Senior ETF Analyst Eric Balchunas. “IBIT just blew through $70 billion and is now the fastest ETF to ever hit that mark in only 341 days, which is 5x faster than the old record held by GLD of 1,691 days,” Balchunas posted to X Monday. IBIT also recently saw a 34-day streak of inflows in a rebounding ETF market.
BlackRock has been a big supporter of Bitcoin for much of the last two years. The $11 trillion asset manager broke new ground in 2024 when it was one of the original issuers of the landmark spot Bitcoin ETFs to go to market. Those products have played a major role in its ongoing surge, which has seen it reach new heights continually. With other popular firms and asset managers establishing their own BTC ETFs, IBIT has become arguably the most popular and used among Grayscale, Fidelity, and others.
Also Read: BlackRock Becomes 2nd Largest Bitcoin Holder Amid Historic Surge
BlackRock’s ETF Sees Continued Success Thanks to Bitcoin’s Big Year
In April of this year, BlackRock head Larry Fink discussed the emergence of Bitcoin on a global level. Specifically, he was clear in his belief that BTC could eventually replace the US dollar as a global reserve asset. His conviction was strong, and it was rooted in the potential that both Fink and investors saw in the cryptocurrency.
That has continued to come to fruition this year. The asset is up more than 24% in the last 30 days, according to CoinMarketCap. Moreover, the price increase has been massive for BlackRock, as the pro-crypto asset manager has now become the second-largest Bitcoin holder in what is an unprecedented run to $111,000.
Also Read: BlackRock Sees Bitcoin Demand Spike on Market Uncertainty
BlackRock’s Spot Bitcoin ETF is now ranked among the top 5 US ETFs in year-to-date inflows, according to Bloomberg, reported Eric Balchunas. That is not likely to change any time soon. Moreover, it should only encourage the eventual approval of even more crypto-based ETFs. Specifically, tokens like Solana (SOL) and Ripple (XRP) have their decisions pending currently.