BlackRock and Fidelity’s cash Bitcoin exchange-traded fund (ETF) has broken the previous record for a fund reaching $10 billion in assets under management in significantly less time than the previous record holder, as noted by Bloomberg’s Senior ETF. Eric Balchunas, analyst at social media platform X.
“Prior to the Bitcoin ETF, the record speed for an ETF to reach $10 billion in assets was held by JEPQ, which did so in 647 trading days (about 3 years), IBIT in 49 days, and FBTC in 77 days.” wrote.
JEPQ is the JPMorgan Nasdaq Equity Premium Income ETF. According to Yahoo Finance, it is an actively managed fund that uses the Nasdaq-100 index as its benchmark, trades equity-linked bonds, and sells call options to provide returns to holders. JEPQ stock is trading at $53.42 as of 10:30 AM (14:30 UTC) May 10, giving it an annualized return of 10.14%. Since its launch on May 3, 2022, its net worth is $12.37 billion.
BlackRock’s iShares Bitcoin Trust IBIT and Fidelity Wise Origin Bitcoin Fund FBTC launched on January 11, 2024. Both funds provide investors with exposure to Bitcoin price fluctuations while bypassing the need to hold the asset itself.
IBIT surpassed $10 billion in total inflows on March 11, 2024, and $15 billion in total inflows on April 12.
IBIT had $17.28 billion in assets under management as of May 6, according to The Block’s data dashboard.
FBTC became the second Bitcoin ETF after IBIT to achieve $1 billion in inflows on January 19, The Block previously reported. FBTC surpassed $10 billion in assets under management on March 28. On March 8, the fund recorded inflows of $473 million. FBTC inflows reached nearly $100 million on May 6, according to The Block’s data dashboard.
Both IBIT and FBTC are among the largest spot Bitcoin ETFs by market share. IBIT holds 43.98%, while FBTC comes in third with 18.34%, behind Grayscale’s GBTC.
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