BlackRock’s Bitcoin ETF Becomes Fastest Ever To Reach $70 Billion AUM

BlackRock's iShares Bitcoin Trust (IBIT) has reached $70 billion in total assets, making it the fastest exchange-traded fund (ETF) to do so in history. IBIT achieved this milestone in 341 days, five times quicker than the previous record holder, State Street's GLD gold ETF. The trust has outshone other Bitcoin ETFs, with Fidelity's FBTC and Grayscale's GBTC, which have around $20 billion each. The debut of IBIT and other Bitcoin ETFs marked a significant shift in the investment landscape, fueled by regulatory approval from the Securities and Exchange Commission (SEC). The launch highlighted robust demand from investors eager to capitalize on Bitcoin's price fluctuations. IBIT alone accumulated over $1 billion in assets within just four days of its market introduction. By November, IBIT had surpassed the total assets of BlackRock's gold fund, solidifying its position as the largest among the 1,400 funds managed by the asset manager worldwide. The surge in Bitcoin ETFs has coincided with significant increases in the cryptocurrency's price, with the cumulative net assets across all twelve Bitcoin ETFs surpassing $134 billion. Bitcoin has since retraced but has regained its bullish momentum, jumping past the $108,400 mark on Monday.