BlackRock, the world's largest asset management firm, has reached a new milestone with the launch of its spot Bitcoin exchange-traded fund (ETF) IBIT.
BlackRock's Bitcoin ETF Crosses 800,000 BTC Threshold: Value Surpasses $97 Billion
The company's fund has reached a historic high in assets under management (AUM), surpassing 800,000 BTC (approximately $97 billion).
IBIT has seen rapid growth since its launch in January 2024. As of October 7th, the fund, which held 798,747 BTC, reached 802,257 BTC after a net inflow of $426 million (approximately 3,510 BTC) in one day. This amount corresponds to approximately 3.8% of Bitcoin's total supply.
This performance put BlackRock ahead of MicroStrategy's institutional reserves of 640,000 BTC. On the same day, US spot Bitcoin ETFs saw total inflows of $440 million, with IBIT alone seeing net inflows of $4.1 billion over the past eight days.
Bloomberg analyst Eric Balchunas noted that IBIT led all ETFs with $3.5 billion in weekly inflows. “Spot Bitcoin ETFs are currently experiencing the strongest period in their history,” said Nate Geraci, president of NovaDius Wealth.
As the Bitcoin price rose to $121,500 with this rise, BlackRock CEO Larry Fink once again confirmed that IBIT is the “fastest-growing ETF in history.”
*This is not investment advice.
Wow Bitcoin is something else