iShares from Black Rock Bitcoin Trust (IBIT), the largest Bitcoin Exchange Trade Fund in the market, has collected $70 billion in total assets more quickly than any other ETF, adding new milestones to its long list of achievements.
BlackRock’s IBIT, the most popular of the 12 Bitcoin ETFs available, set a record on Monday, 341 days after its debut. According to To Bloomberg analyst Eric Balknas. Ibit has reached the mark “GLD is five times faster than the old record GLD holds for 1,691 days,” and writes to X with reference to the famous Gold ETF on Asset Manager State Street.
Other asset managers like Fidelity and Vaneck also offer Bitcoin ETFs, but BlackRock’s version is much larger. After IBIT’s $70 billion total assets, Fidelity’s FBTC is second at $200 million, while Grayscale’s GBTC is third at just under $20 billion.
An ETF is a type of investment tool traded in the stock market and tracks the price of one or more underlying assets. Fee ETF issuers usually charge less than mutual funds, providing an easy way to diversify your investment portfolio. Before Crypto ETF was introduced last year, Vanguard’s Voo ETF, tracking Nasdaq, tracking the QQQ Trust ETF, and tracking the S&P 500, were the most popular.
IBIT and 10 other Bitcoin ETFs were launched early last year after receiving much-anticipated regulatory approval from the Securities and Exchange Commission. The debut of the first Bitcoin ETF shows strong investors’ demand for access to cryptocurrency price movements, accumulated by IBIT Billion dollar assets Under control within the first 4 days on the market.
By November, BlackRock’s Bitcoin ETF surpassed the Gold Fund in total assets, becoming the largest of the 1,400 funds offered by asset managers globally.
But then the record breaking wasn’t slower. In December, IBIT took nearly four years to become the fastest ETF to acquire a $50 billion ETF, five times faster than BlackRock’s ISHARES Core MSCI EAFE ETF, which invests in companies outside the US and Canada. According to To Baltuna.
“IBit’s growth is unprecedented.” Bloomberg Analyst James Seyfert told the outlet at the time. “It’s the fastest ETFs that reach most milestones, faster than any other ETF in any asset class.”
Since its launch last January, the increase in flow to Bitcoin ETFs has coincided with rising currency prices. For example, as Bitcoin reached $111,900 in history in late May, the total net worth of all 12 Bitcoin ETFs exceeded an all-time high of $134 billion.
This story was originally featured on Fortune.com.
