BlackRock’s Spot Bitcoin ETF IBIT Fastest Ever to Hit $10 Billion in Assets

BlackRock’s spot bitcoin exchange-traded fund (ETF) has now joined an exclusive club of ETFs with over $10 billion in assets under management (AUM) — and the fund hit that mark in a record-setting seven weeks.

The iShares Bitcoin ETF (IBIT) first began trading on Jan. 11 with a slate of other spot funds that had just received approval from the U.S. Securities and Exchange Commission. IBIT isn’t just performing well for a spot ETF. Only 152 ETFs total out of the 3,400 in existence are in the $10 billion club, Bloomberg ETF analyst Eric Balchunas wrote in a tweet. More than three-quarters of IBIT’s assets under management come from inflows, noted Balchunas.

$IBIT the newest member of the $10 Billion Club, fastest ever to get there.. Only 152 ETFs in this club (out of 3,400) incl $GBTC. First $10b so touch bc so much has to come from flows (in $IBITs case 78% of aum is flows). Second $10b easier bc mkt appreciation bigger variable pic.twitter.com/FwysL4GSGk
— Eric Balchunas (@EricBalchunas) March 1, 2024

IBIT’s inflows of $603.9 million on Thursday were strong enough to entirely offset the nearly $600 million in outflows from the Grayscale Bitcoin Trust, a previously existing product that converted to a spot bitcoin ETF, according to data from Bloomberg ETF analyst James Seyffart. The second-strongest performer in the group was the Fidelity Wise Origin Bitcoin Fund at $44.8 million, which shows IBIT’s dominance.

Overall, IBIT is trailed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $6.5 billion in AUM, ARK 21Shares Bitcoin ETF (ARKB) with $2.1 billion, and Bitwise Bitcoin ETF (BITB) with $1.5 billion. Excluding the Grayscale Bitcoin Trust, the nine new spot bitcoin ETFs have $21.2 billion in assets under management.

The price of bitcoin (BTC) was down 1.7% over the last 24 hours to $61,800, according to CoinGecko, near its record high price of just above $69,000 reached in Nov. 2021.