BlackRock's spot Bitcoin exchange-traded fund has become the fastest ETF in history to surpass $70 billion in assets under management.
"IBIT has just crossed the $70 billion mark, becoming the fastest ETF to reach this milestone in history, taking only 341 days," ETF analyst Eric Balchunas posted on social media platform X on June 9.
Balchunas noted that the speed of this achievement is about five times that of the previous record holder, SPDR Gold Shares (GLD), which took 1,691 trading days to reach $70 billion in assets under management.
According to data from the official website, IBIT, listed on the Nasdaq Stock Exchange, has assets under management of $71.9 billion at the time of writing. The company holds 661,457 Bitcoins, making it the largest institutional holder of Bitcoin, surpassing cryptocurrency exchange Binance (629,190 Bitcoins) and Michael Saylor's strategic investment firm (582,000 Bitcoins).
The largest holder of Bitcoin is still considered to be the anonymous founder Satoshi Nakamoto. Analysts estimate that addresses associated with Nakamoto hold about 1.1 million Bitcoins, approximately 5.2% of the total supply of 21 million Bitcoins.
However, Balchunas predicted on May 20 that BlackRock is likely to "surpass Nakamoto's holdings by next summer."
According to Google Finance data, as Bitcoin reclaims the $110,000 mark, IBIT's stock price is currently at $61.77, up 5.30% over the past five days.
Since its launch in the U.S. in January 2024, IBIT has outperformed the other 10 spot Bitcoin ETFs that were listed on the same day, with net inflows reaching as high as $48.7 billion, according to Farside data.
Recently, on May 30, IBIT ended a 31-day streak of net inflows, experiencing a single-day maximum outflow of $430.8 million.
In April of this year, IBIT won the "Best New ETF" award at the annual etf.com ETF Awards. The product also received the annual Crypto ETP award.
Although some Bitcoin supporters believe that widespread institutional participation may undermine the original intent of Bitcoin, many of the earliest advocates do not share this view.
Blockstream CEO Adam Back recently told Cointelegraph magazine, "We need to have empathy for those who want to buy Bitcoin but don't know how to do it, thinking it's too complicated."
However, his inclusivity has its limits: "You wouldn't really want 90% of Bitcoin to be held by ETFs, as that could start to become a problem."
Related: Bitcoin price shows strength, but can BTC bulls break through $110,000?
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “BlackRock Bitcoin (BTC) Fund Surpasses $70 Billion, Sets Record for Fastest Growth in ETF History”
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