American investment management firm BlackRock has achieved a new milestone with its spot Bitcoin ETF product, the iShares Bitcoin Trust (IBIT). Per an update from Bloomberg Senior ETF Analyst Eric Balchunas, the Bitcoin ETF product has now surpassed $50 billion in Assets Under Management (AUM).
BlackRock’s Bitcoin ETF journey
Since the U.S. SEC approved 11 spot Bitcoin ETF products in January, IBIT has maintained the lead among its peers. Specifically, IBIT has shown outstanding inflows and retained performance.
$IBIT is now over $50b. It took it 228 days to reach this milestone, the next fastest ETF to reach 50b was $IEFA in 1,329 days. So over 5x faster than any ETF ever launched. Ridiculous. h/t @JackiWang17 for the data https://t.co/K9vRfAir8U
— Eric Balchunas (@EricBalchunas) December 5, 2024
Balchunas said the product took 228 days to reach the $50 billion milestone. This has further amplified the success of BlackRock, as the next fastest ETF to hit this milestone was iShares Core MSCI EAFE ETF IEFA. It took IEFA a record 1,329 days to achieve a similar feat.
The BlackRock Bitcoin ETF has a track record of leaving important records behind. The product officially flipped Grayscale Bitcoin Trust as the ETF with the largest BTC holdings in August. Before that time, Grayscale ranked as the world’s largest crypto exchange-traded product manager.
The BlackRock Bitcoin ETF product officially crossed 500,000 BTC AUM this month, setting the pace for even more impressive milestones.
Bitcoin $100,000 effect
It is worth noting that the BlackRock Bitcoin ETF achievement comes on the heels of a surge in the price of BTC above $100,000.
The top coin has maintained this price level for long as it printed a series of new all-time highs (ATHs) over the past few weeks. As a BTC-dependent product, the performance of the digital currency impacts the flow of capital into IBIT.
Per data from Farside Investors, the BlackRock product recorded a $571.7 million inflow as of Dec. 4. This impressive inflow marks the fourth consecutive inflow day for the product as it continues to benefit from the hype in the Bitcoin ecosystem.
