BlackRock's iShares Bitcoin Trust (IBIT) broke records in 2024, becoming the fastest-growing exchange-traded fund (ETF) in history.
BlackRock’s reputation as the world’s largest asset manager, with more than $11 trillion under management, has boosted investor confidence, while the massive growth of the exchange-traded fund has helped fuel Bitcoin’s bull run, pushing the world’s leading cryptocurrency past the $100,000 mark.
ETF breaks records
BlackRock’s IBIT fund launched on January 11 and surpassed $50 billion in assets under management in December. At the peak of bitcoin’s price, the fund’s assets under management reached $58.57 billion. As of today, IBIT has $52.15 billion in assets under management, according to data from SoSoValue.
IBIT remains the market leader, consistently accounting for over 50% of daily trading volume among all U.S. Bitcoin ETFs. Even after its recent record outflow of $188.7 million, the ETF remains dominant, leading to $37.27 billion in net inflows into U.S. spot Bitcoin ETFs in 2024.
Best Bitcoin Holders 🔥
BlackRock's massive acquisitions have made it one of the largest holders of Bitcoin among Bitcoin sports-traded funds in the United States.
As of the last day of 2024, U.S.-based Bitcoin exchange-traded funds collectively hold more than 1.104 million Bitcoin (or 5% of all Bitcoin in existence), surpassing the holdings of Bitcoin’s pseudonymous founder, Satoshi Nakamoto (1.1 million).
BlackRock's IBIT fund alone holds about 552,554.8 bitcoins, making it the most prominent holder of bitcoin among competing exchange-traded funds.
Bitcoin ETFs Outperform Gold
U.S. ETFs manage over $10 trillion in assets, with Bitcoin ETFs now accounting for over $100 billion, or 1% of the entire ETF market.
The success of the IBIT fund has sparked speculation that it could rival the world’s largest gold exchange-traded fund as Bitcoin gains traction as a “digital gold.” Gold ETFs, which first launched in 2004, are now seeing significant outflows as investors shift toward cryptocurrency alternatives.
Despite the recent decline in Bitcoin prices, by the end of 2024, BlackRock's IBIT fund has cemented its position as a major player in the ETF market, helping to establish Bitcoin as a mainstream investment🌟🔥$BTC