BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has achieved a significant milestone by surpassing $1 billion in assets under management (AUM).
BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has achieved a significant milestone by surpassing $1 billion in assets under management (AUM) within its first week of trading. This makes it the first among the recently launched Bitcoin ETFs to reach this milestone.
The iShares Bitcoin Trust started trading on January 12, 2024, and has quickly gained traction among investors seeking exposure to Bitcoin through a regulated and transparent investment vehicle. IBIT's holdings consist primarily of Bitcoin, with 99% of its portfolio allocated to the cryptocurrency. The fund also holds a small amount of fiat currency, currently valued at nearly $60,000. As of Thursday, the fund held 25,067 Bitcoin.
Robert Mitchnick, Head of Digital Assets at BlackRock, said: "We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand. This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF."
The iShares Bitcoin Trust closed Wednesday's trading session at $24.41 and trades at a slight premium of 0.42% relative to the spot price of Bitcoin. The fund has recorded an average daily trading volume of 14 million shares since its launch.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
