In what is certainly a testament to the investment products’ success, BlackRock’s Spot Bitcoin ETF now holds more than $21 billion in BTC. Indeed, the $9 trillion asset management firm has officially surpassed 300,000 Bitcoin in assets under management.
The feat is even more impressive when considering the timeline of the recent milestone. Indeed, the crypto-based exchange-traded product has only been trading for five months, with the offering officially going live on January 11th. Since then, the firm’s IBIT Bitcoin ETF has become the market’s most successful.
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BlackRock Spot Bitcoin ETF Passes 300,000 BTC in AUM
As we approach the midpoint of the year, crypto-based ETFs have dominated the conversation within the finance sector. Bitcoin had seen its offering approved in January, with Ethereum following that with an approval last month. Although the latter has yet to go live, BTC has proven immensely valuable.
One of the most anticipated entries into the space was BlackRock, whose Spot Bitcoin ETF now has more than $21 billion in BTC. Indeed, the investment offering from the prominent asset manager has exceeded 300,000 Bitcoin in assets under management.
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According to the platform’s funds page, the offering has already acquired 302,534 BTC since it first debuted just five months ago. Additionally, the product saw nearly 5,000 BTC in its net inflows yesterday. The development follows BlackRock’s ascension to become the largest spot Bitcoin ETF in terms of assets under management.
Specifically, BlackRock’s IBIT surpassed Grayscale’s Bitcoin ETF in the last week of May. The flip was notable in that Grayscale had converted its Bitcoin trust that had been on the OTC market since 2015. It does not appear as though any Bitcoin ETF will be able to compete with the reach and relevance of BlackRock. Moreover, it will be interesting to see how BlackRock’s Ethereum ETF will perform, considering its undeniable success.