BlackRock’s IBIT Becomes First Spot Bitcoin ETF To Reach $1B AUM
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BlackRock’s IBIT Becomes First Spot Bitcoin ETF To Reach $1B AUM

BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has achieved a significant milestone by surpassing $1 billion in assets under management (AUM) within its first week of trading. 

This makes it the first among the recently launched Bitcoin ETFs to reach this milestone.

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The iShares Bitcoin Trust started trading on January 12, 2024, and has quickly gained traction among investors seeking exposure to Bitcoin through a regulated and transparent investment vehicle. 

IBIT’s holdings consist primarily of Bitcoin, with 99% of its portfolio allocated to the cryptocurrency. 

The fund also holds a small amount of fiat currency, currently valued at nearly $60,000. As of Thursday, the fund held 25,067 Bitcoin.

Robert Mitchnick, Head of Digital Assets at BlackRock, said: 

“We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand. This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.”

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The iShares Bitcoin Trust closed Wednesday’s trading session at $24.41 and trades at a slight premium of 0.42% relative to the spot price of Bitcoin. 

The fund has recorded an average daily trading volume of 14 million shares since its launch.

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