BlackRock Passed the 300 Thousand Mark, Thanks to Bitcoin

BlackRock, the world's largest asset manager, has surpassed a new limit thanks to Bitcoin.

Even as the cryptocurrency market loses value, BlackRock's spot Bitcoin ETF continues to grow.

exceeded 300 thousand

BlackRock's spot Bitcoin ETF called iShares Bitcoin Trust (IBIT) began trading on January 11, along with other ETFs. The fund achieved great success within five months.

According to the information on the BlackRock website, a total of 302 thousand 534 Bitcoins are held in the Bitcoin ETF. 4 thousand 920 Bitcoins were added to the fund last day.

IBIT surpassed Grayscale Bitcoin Trust (GBTC) last week in terms of total asset value under management. GBTC, which has been trading as a private fund since 2015, was converted into an exchange-traded fund (ETF) with the approval of the SEC.

Grayscale charges more fund management fees than its competitors in this space. While Grayscale's fee is 1.5%, this rate is 0.25% for BlackRock.

Overall, the total amount of Bitcoin held in spot Bitcoin ETFs reached almost 883 thousand. This corresponds to 4.2% of Bitcoin's total supply of 21 million.

Spot Bitcoin ETFs in the US recorded 18 consecutive days of growth with Thursday's influx, setting a new record. They grew by almost $1.8 billion in one week.

Note: I mentioned an important project in the pinned tweet. I definitely recommend you to read it.