The iShares Bitcoin Trust (IBIT) surpassed a net asset value (NAV) of $23.3 billion in Q3, recording a quarterly growth of 20%, according to the 10-Q filing dated November 7 submitted to the U.S. Securities and Exchange Commission (SEC).

BlackRock's Bitcoin ETF currently holds 367,805 BTC, worth approximately $21.5 billion, with unrealized gains of about $1.8 billion as of September 30.

Notably, since its inception, IBIT has only sold 0.28% of its Bitcoin to fund share buybacks, indicating a very high level of investor retention. At the end of the third quarter, the fund managed 366,448 BTC.

Stock growth

This filing also shows that the NAV growth mainly comes from a 19.8% increase in the number of outstanding shares, from 539.1 million to 644 million in a quarter. Outstanding shares are owned by investors and are available for trading on the secondary market.

IBIT has a debt of nearly $4 million related to ETF financing fees. Additionally, since January, BlackRock's spot Bitcoin ETF has not recorded any expenses.

Notably, BlackRock has recorded over $1.6 million in realized profits through the sale of BTC since its inception to cover expenses related to financing fees and investor share buybacks.

Daily record

IBIT set two daily records on November 6, achieving $1 billion in trading volume within the first 20 minutes of trading.

Bloomberg's senior ETF analyst, Eric Balchunas, emphasized that IBIT ended the day with a trading volume of $4.1 billion, the highest since its launch. However, the fund also recorded the largest daily outflow on the same day, with $69.1 million withdrawn from the fund.

Balchunas added:

"To compare, this trading volume is even greater than that of Berkshire, Netflix, or Visa today. This is also the second-best price increase day since its launch."

Moreover, spot Bitcoin ETFs trading in the U.S. have reached a trading volume of $6 billion, setting a new record.

Despite the increase in outflows this week, a recent report from Glassnode indicates that this is not concerning compared to the large inflows from the previous week.

Source: https://tapchibitcoin.io/ibit-cua-blackrock-ghi-nhan-tang-truong-20-quy-3.html