BlackRock’s IBIT Bitcoin ETF is now worth $42.56 billion in total assets. It reached this milestone in one-sixth the time of any other ETF, an impressive record for growth speed.
The company has also been buying BTC at a rapid pace, with nearly 9,000 in the past 24 hours.
BlackRock Speed Record
According to new data from Bloomberg analyst Eric Balchunas, BlackRock’s Bitcoin ETF is now worth more than $40 billion in total assets. This puts it in the top 1% of ETFs by AUM, but more importantly, it also outpaces other ETFs in speed.
Record speed for BlackRock ETF. Source: Bloomberg
Since Bitcoin hit its post-election bull market, IBIT has consistently led the pack of Bitcoin ETFs. The fund surpassed its all-time high last Friday (8) and managed to soar again at the market open on Monday.
On Wednesday, IBIT recorded $230.8 million in inflows. So far this week, it has recorded more than $1.7 billion in inflows.
BlackRock accumulates Bitcoin purchases
For analyst Shaun Edmondson, one of the reasons for BlackRock’s success is its raw acquisition of Bitcoin. Issuers can only create as many ETFs as the underlying assets they actually control, so the industry has been consuming it with great enthusiasm.
US Spot Bitcoin ETFs bought an additional 9,300 coins yesterday. That’s up from 22,000 in 2 days. Time is running out to grab your Satoshis. Get some/get yours while supplies last, Edmondson said.
The analyst has been keeping a daily count of ETF issuers’ Bitcoin consumption because they are collectively 95% close to matching Satoshi’s holdings. Of the 9,300 BTC they have all bought since yesterday, 8,985 have been from BlackRock. In fact, Grayscale, the second-largest holder, has reduced its stash in the same period.
There is absolutely no sign that these extraordinary gains are going to slow down. Bitcoin itself, for example, has surpassed $90,000. ETFs like IBIT are directly linked to this meteoric rise and are generating interest on their own.
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