BlackRock’s (BLK) leading cryptocurrency exchange-traded fund (ETF) now holds 700,000 Bitcoin (BTC).
The iShares Bitcoin Trust (IBIT) has amassed $76 billion U.S. in assets under management (AUM) over the last 18 months, outpacing about a dozen other similar spot BTC ETFs.
BlackRock’s Bitcoin ETF now has more assets under management than its iShares Core S&P 500 ETF (IVV), which tracks the benchmark American stock index.
The iShares Bitcoin Trust also holds more Bitcoin than the 600,000 BTC currently owned by Strategy (MSTR), which began its crypto purchases back in 2020.
Fidelity’s spot Bitcoin ETF, by comparison, holds 203,000 Bitcoin, while Grayscale’s fund owns 184,000 BTC.
Analysts on Wall Street have called the popularity and growth of BlackRock’s iShares Bitcoin Trust “unprecedented” and “historic.”
The first U.S. spot Bitcoin ETFs debuted in January 2024 and have since become the most successful ETFs of all time.
The IBIT fund is now the third highest revenue-generating ETF for BlackRock across all of its products. The New York City-based asset manager currently operates 1,197 funds.
BlackRock’s stock has gained 6% this year to trade at $1,075.97 U.S. per share.
