The BlackRock iShares Bitcoin Trust (IBIT) has become the most successful exchange-traded fund in history after reaching a notable milestone in record time.
A few days after the Bitcoin spot ETF achieved a major milestone, one of the issuers has made headlines today. For context, the investment products are now on the verge of surpassing the amount of Bitcoin founder Satoshi Nakamoto owns.
Today, Bloomberg’s senior analyst Eric Balchunas confirmed that BlackRock’s iShares Bitcoin Trust (IBIT) has reached $50 billion in net assets under management. A scintillating detail in this feat is the fund’s record time.
Notably, the BlackRock Bitcoin spot product reached $50 billion in assets in 228 days, beating the previous fastest record by a wide margin. Balchunas stated that the last holder of this record hit the milestone in 1,329 days, a period surpassing BlackRock’s timeframe by a staggering fivefold.
BlackRock Records Ridiculous Figures
Meanwhile, BlackRock’s impressive feat came amidst a substantial inflow on Wednesday. The fund recorded a single-day inflow of $571.71 million, trouncing the flows of other asset managers.
With the inflows yesterday, the IBIT’s net asset increased to $50.59 billion and its cumulative net inflow to $33.34 billion, data from Sosovalue shows. Meanwhile, the US Bitcoin spot ETFs recorded a net inflow of $556.82 million yesterday, bringing their total net asset to $108.23 billion.
Notably, BlackRock has seen ridiculous figures since its market debut on January 11. Its incessant inflows ensured it became one of the best-performing ETFs in the last decade.
Furthermore, the BlackRock Bitcoin fund also trumped its gold ETF in less than one year of market debut. It bears mentioning that the BlackRock iShares Gold Trust (IAU) has existed since 2005 and is still miles shy of the $50 billion AUM.
Bitcoin Pent-up Demand Spurring BlackRock’s Asset Uptick
Meanwhile, BlackRock’s Bitcoin success mirrors a pent-up demand for the ETFs since their early-year launch. Although the funds struggled at one point this year, Donald Trump’s November 5 election win has rekindled investors’ interest in Bitcoin and products providing exposure to the asset.
Notably, the inflows have spurred Bitcoin to an unprecedented price high of over $103,000 today. At the time of writing, the pioneering cryptocurrency trades at $102,817 with a market cap of $2.03 trillion.
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