BlackRock’s Bitcoin ETF, IBIT, currently has total assets of $42.56 billion. It completed this task in one-sixth the time of any other ETF, which is an impressive record for growth rate.
BlackRock also purchased just under 9,000 BTC at a rapid rate in the last 24 hours.
BlackRock’s speed record
BlackRock’s Bitcoin ETF now has a total asset value of over $40 billion, according to new data from Bloomberg analyst Eric Balchunas. It ranks in the top 1% of ETFs by AUM, but more importantly, it outperforms other ETFs in speed. The second fastest ETF to reach $40 billion did so in 1,253 days, slightly faster than third place. IBIT did it in 211. That time is 1/6.
Since Bitcoin entered a post-election bull market, IBIT has continued to lead the Bitcoin ETF market. IBIT hit a new all-time high last Friday and surged again at the market open on Monday morning. The comfortable lead that BlackRock’s ETFs enjoyed before Donald Trump’s election is giving way to outright market dominance.
Meanwhile, IBIT recorded inflows of $230.8 million on Wednesday. It has recorded inflows of more than $1.7 billion so far this week.
One easy example of BlackRock’s tremendous success is its Bitcoin acquisition. Issuers can only create ETFs as many as the underlying assets they actually manage, so the industry has been consuming greedily. But as ETF analyst Shaun Edmondson points out, BlackRock is the clear leader.
“The U.S. Spot Bitcoin ETF purchased an additional 9,300 coins yesterday. The number exceeded 22,000 in two days. There is little time left to catch Satoshi. ‘Buy some/get yours’ while supplies last, Edmondson insisted.
In particular, Edmondson has been tallying daily Bitcoin consumption by ETF issuers. The reason is that Bitcoin consumption matches Satoshi’s holdings by 95%. Of the 9,300 BTC they have purchased since yesterday, 8,985 have come from BlackRock alone. In fact, Grayscale, the second largest holder, actually reduced its inventory over the same period.
There is no sign that these runaway gains will slow. Bitcoin itself surpassed $90,000 today and is over $93,000 at the time of this writing. ETFs like IBIT are directly tied to these massive gains and are generating buzz independently.
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