BlackRock’s spot Bitcoin exchange-traded fund has become the fastest ETF in history to surpass $70 billion in assets under management.
“IBIT just blew through $70b and is now the fastest ETF to ever hit that mark in only 341 days,” ETF analyst Eric Balchunas said in a June 9 X post.
IBIT could surpass Satoshi by the end of next summer
Balchunas said the milestone was approximately five times faster than the previous record holder, SPDR Gold Shares (GLD), which took 1,691 trading days to reach $70 billion AUM.
IBIT, which is listed on the Nasdaq stock exchange, holds $71.9 billion AUM at the time of publication, according to its website. The firm’s holdings of 661,457 Bitcoin (BTC) makes it the largest institutional holder of Bitcoin ahead of crypto exchange Binance (629,190) and Michael Saylor’s Strategy (582,000).
The largest holder of Bitcoin is still believed to be Bitcoin’s pseudonymous creator, Satoshi Nakamoto. Analysts estimate that addresses linked to Nakamoto hold around 1.1 million BTC, accounting for approximately 5.2% of Bitcoin’s total supply of 21 million coins.
IBIT has outperformed other spot Bitcoin ETFs
However, Balchunas said on May 20 that BlackRock will likely surpass Nakamoto’s holdings “by the end of next summer.”
IBIT shares are trading for $61.77 at the time of publication, up 5.30% over the past 5 days as Bitcoin reclaimed $110,000, according to Google Finance data.
Since IBIT launched in the US in January 2024, it has outperformed the other 10 spot Bitcoin ETFs that launched on the same date, posting $48.7 billion in net inflows, according to Farside data.
Most recently, on May 30, the IBIT ended its 31-day inflow streak with its largest daily outflow of $430.8 million.
Bitcoin OGs are not all against bolstering ETF adoption
In April, the IBIT was awarded the “Best New ETF” at the annual etf.com ETF awards. It was also the recipient of the Crypto ETP of the year.
Although some Bitcoiners argue that widespread institutional adoption undermines Bitcoin’s original purpose, many of its earliest advocates disagree.
Blockstream CEO Adam Back recently told Cointelegraph Magazine, “You have to have some empathy for the people who want to buy Bitcoin, but they don’t know how to do it, and it’s too complicated.”
There are limits to his tolerance, though. “You also don’t really want 90% of it in ETFs or something because that might start to become a problem.”
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
