Amid the ongoing hype over the investment products, BlackRock’s Spot Bitcoin ETF now holds more than $10 billion worth of BTC. The firm’s IBIT has led the initial 11 approved Spot Bitcoin ETFs and reached the milestone just seven weeks after funds began trading.
Moreover, the firm is now the fastest ETF to reach the $10 billion milestone in assets under management. Its presence has catapulted Bitcoin to the $62,000 level this week, its highest price since November 2021. Spot Bitcoin ETF products surpassed $4.69 billion in total trading volume Thursday, as the products continue to prove to be a massive success.
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BlackRock Bitcoin ETF Fastest to Join $10 Billion Club
At the start of the year, the expectations for Bitcoin were rather high. With the US Securities and Exchange Commission (SEC) poised to approve new Spot ETFs for the asset, optimism abounded for investors throughout the industry. Now, that has paid off, and it’s in large part due to the success of those ETFs in the first seven weeks of trading.
Yet, there is one that has led the pack, and subsequently, BlackRock’s spot bitcoin ETF now holds more than $10 billion in assets. Additionally, the $10 trillion asset management firm is the fastest to reach the milestone. The firm has surpassed 162,000 BTC under management, with Fidelity’s FBTC just surpassing 105,000 BTC worth $6.3 billion.
Also Read: BlackRock Attracts Mainstream Investors To Invest in Bitcoin ETF
“For context, only about 150 out of 3,4000 ETFs have more than $10 billion in AUM,” Nate Geraci, president of The ETF Store said in a post to X (formerly Twitter). “The vast majority of those launched 10+ years ago.”
That is perhaps the most impressive fact about the landmark figure, it is just seven weeks old. However, the overall Spot Bitcion ETf market this flourished since its approval on January 11th. Ark Invest 21 Shares’ ETF features 34,000 BTC worth $2.1 billion. All the while, BTC is continuing to climb in value ahead of April’s highly anticipated Bitcoin halving event.