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Home»ETHEREUM NEWS»BlackRock Bitcoin ​ETF continues to rise, surpassing $15 billion in total profits.
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BlackRock Bitcoin ​ETF continues to rise, surpassing $15 billion in total profits.

By Crypto FlexsApril 12, 20242 Mins Read
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BlackRock Bitcoin ​ETF continues to rise, surpassing  billion in total profits.
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BlackRock’s iShares Bitcoin Trust (IBIT) has seen tremendous success since its launch on January 11, having now attracted more than $15 billion in investments.

The spot Bitcoin exchange-traded fund (ETF), which received approval from the Securities and Exchange Commission along with 10 other Bitcoin funds, has received more inflows than other similar products on the market, according to data from Farside Investors.

And IBIT currently has $18.7 billion in assets under management, quickly catching up with Grayscale’s Bitcoin Trust (GBTC), which has $22.2 billion.

BlackRock, the world’s largest asset management company, shocked the digital asset industry by submitting an S-1 form to the SEC to launch a cryptocurrency fund.

CEO Larry Fink said on television that Bitcoin was “digitizing gold” and was an “international asset.” BlackRock’s reputation and Fink’s support may be one of the reasons the fund has performed so well. It also has lower fees than other Bitcoin ETFs.

Bitcoin ETFs offer traditional investors the ability to purchase shares through a brokerage account that tracks the underlying prices of the largest cryptocurrencies by market capitalization. Investors who purchase IBIT do not have to store and hold Bitcoin themselves, a process that is sometimes complicated and arduous.

According to CoinGecko, the current Bitcoin price is $67,787 per coin. It fell nearly 4% in 24 hours. Last month, the coin hit an all-time high of nearly $74,000.

As a company, BlackRock continues to perform well. On Friday, the company announced that its total assets under management had jumped to $10.5 trillion, up 15% from a year ago.

Editor: Andrew Hayward

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