BlackRock's spot Bitcoin exchange-traded fund has generated nearly $245 million in fee revenue over the past year, making it the company's most profitable ETF by a significant margin.
BlackRock ETF analyst Eric Balchunas posted on the X platform on Monday that the iShares Bitcoin Trust ETF (IBIT) currently leads in annual revenue by $25 million over the iShares Russell 1000 Growth ETF (IWF) and the iShares MSCI EAFE ETF (EFA).
According to Balchunas's previous posts on the X platform, IBIT surpassed IWF and EFA around mid-July to become BlackRock's most profitable ETF.
Balchunas noted on Monday that the other 12 ETFs in BlackRock's fee revenue ranking have been around for over ten years, while IBIT, despite being launched only 22 months ago, is now "just a step away" from the $100 billion milestone—only $2.2 billion short.
BlackRock earns revenue from IBIT through management fees—currently 0.25% of its total assets under management, with revenue increasing as investor demand and Bitcoin prices rise.
IBIT is the dominant spot Bitcoin fund in the U.S. Last week, the fund accounted for over $1.8 billion of the total $3.2 billion inflow into U.S. spot Bitcoin ETFs, marking its second-largest single-week record in history. Bitcoin first broke the $125,000 mark over the weekend.
Against the backdrop of the Trump administration's commitment to making the U.S. the "world's cryptocurrency capital," Washington's warming attitude towards cryptocurrencies has also driven the growth in demand for spot Bitcoin ETFs.
Balchunas pointed out that IBIT has accumulated $97.8 billion in net assets in just 435 days and is expected to surpass the Vanguard S&P 500 ETF (VOO) to become the first ETF to break the $100 billion mark. VOO took 2,011 days (about five and a half years) to reach $100 billion.
At the end of last month, BlackRock registered a proposed Bitcoin premium income ETF with the Delaware Trust Company, indicating its push to expand its Bitcoin product line.
BlackRock's proposed product will sell covered call options on Bitcoin futures, generating income through option premiums.
However, regular distributions will forgo the potential upside gains that could be obtained from investing in IBIT, which directly reflects Bitcoin's price movements.
Balchunas stated that this move indicates BlackRock will continue to launch products related to Bitcoin and Ethereum (ETH) without joining the rush for altcoin ETFs sought by other asset management companies—at least for now.
The U.S. Securities and Exchange Commission (SEC) has suspended the review of cryptocurrency ETF applications until the federal government reopens.
Related: Michael Saylor's strategy pauses Bitcoin purchases, with a $3.9 billion profit from BTC holdings in the third quarter.
Original article: “IBIT Becomes BlackRock's Most Profitable ETF, Just 'A Step Away' from $100 Billion”
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