BlackRock's spot Bitcoin exchange-traded fund (ETF) has made headlines by becoming the fastest in history to exceed $70 billion in assets under management (AUM), achieving this milestone in only 341 days. ETF analyst Eric Balchunas highlighted this accomplishment on social media, noting that IBIT surpassed its predecessor, the SPDR Gold Shares (GLD), which took 1,691 trading days to reach the same AUM. As of the latest update, IBIT holds approximately $71.9 billion in AUM, making BlackRock the largest institutional holder of Bitcoin, with 661,457 BTC in its portfolio—surpassing Binance and Michael Saylor's company.
Balchunas suggests IBIT could potentially eclipse the Bitcoin holdings of Satoshi Nakamoto by the end of next summer. Nakamoto is estimated to have around 1.1 million BTC, constituting about 5.2% of the total Bitcoin supply. Currently, IBIT shares trade at $61.77, reflecting a significant performance increase, particularly as Bitcoin's price has climbed over $110,000 recently. Since launching in January 2024, IBIT has outperformed other Bitcoin ETFs, despite experiencing a recent outflow of $430.8 million after a notable inflow streak.
The ETF's rapid growth has stirred conversation among Bitcoin advocates. While some believe that increased institutional investment might detract from Bitcoin's original ethos, many prominent figures in the community, such as Blockstream CEO Adam Back, recognize the necessity of simplifying access for new investors. Back emphasizes the importance of balancing institutional interest with the desire to maintain Bitcoin's core principles.
Balchunas suggests IBIT could potentially eclipse the Bitcoin holdings of Satoshi Nakamoto by the end of next summer. Nakamoto is estimated to have around 1.1 million BTC, constituting about 5.2% of the total Bitcoin supply. Currently, IBIT shares trade at $61.77, reflecting a significant performance increase, particularly as Bitcoin's price has climbed over $110,000 recently. Since launching in January 2024, IBIT has outperformed other Bitcoin ETFs, despite experiencing a recent outflow of $430.8 million after a notable inflow streak.
The ETF's rapid growth has stirred conversation among Bitcoin advocates. While some believe that increased institutional investment might detract from Bitcoin's original ethos, many prominent figures in the community, such as Blockstream CEO Adam Back, recognize the necessity of simplifying access for new investors. Back emphasizes the importance of balancing institutional interest with the desire to maintain Bitcoin's core principles.
