BlackRock's spot Bitcoin ETF becomes the fastest fund to surpass $70 billion in size, breaking the previous record held by gold.

Bloomberg ETF analyst Eric Balchunas stated that BlackRock's Bitcoin ETF—the IBIT fund (the largest in its category)—surpassed $70 billion in assets in just 341 trading days, making it the fastest ETF to reach this milestone, achieving this speed five times faster than the previous record holder GLD (1691 days). GLD refers to the SPDR Gold Trust, which was listed on the New York Stock Exchange in November 2004 and is the largest physically-backed gold ETF in the world, managing approximately $100 billion in assets.

BlackRock launched its spot Bitcoin ETF in January 2024. According to data from Arkham Intelligence, in April of this year, BlackRock's fund held 2.8% of the total Bitcoin supply. The asset management company holds Bitcoin on behalf of its clients but does not own the cryptocurrency itself. $BTC