Asset management giant BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) now has over $50 billion in assets under management, just 11 months after its launch, according to reports.
According to Bloomberg, no other ETF had a better debut than BlackRock’s iShares Bitcoin Trust (IBIT).
Citing Todd Sohn, managing director of ETF and technical strategy at institutional brokerage Strategas Securities, the report said IBIT’s size is now equal to the total assets under management of more than 50 European market-focused ETFs, most of which already exist more than two decades.
Nate Geraci, president of advisory firm ETF Store, says it is “the largest launch in ETF history.”
Bloomberg Intelligence analyst Eric Balchunas says IBIT reached over $50 billion in assets under management five times faster than the next fastest ETF, BlackRock’s iShares Core MSCI EAFE ETF, which took nearly four years to reach that level .
IBIT also holds more assets than BlackRock’s iShares Gold ETF, the world’s second-largest gold fund, as the Bitcoin ETF saw the third-largest net inflow of $37 billion last year. Geraci says as long as the price of Bitcoin doesn’t rise…
