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BlackRock's Bitcoin ETF breaks gold ETF record

BlackRock's iShares Bitcoin Trust (IBIT) is officially the fastest-growing ETF in history.

By Mike Hesp
• 2 min read
BlackRock's Bitcoin ETF breaks gold ETF record

BlackRock's iShares Bitcoin Trust (IBIT) is officially the fastest-growing ETF in history. With assets under management of $70 billion, the Bitcoin ETF took just 341 trading days to reach this milestone, according to Bloomberg analyst Eric Balchunas on X.

By comparison: the previous record holder, the gold ETF GLD, took a whopping 1,691 days to reach the same threshold. IBIT was five times faster, a sign that institutional interest in Bitcoin can no longer be ignored.

According to latest figures, BlackRock, via Coinbase's custodian services, currently holds about 661,457 BTC for its clients. Since the January 2024 launch of eleven Bitcoin Spot ETFs, net inflows have totaled more than $44 billion, according to data from Farside.

IBIT's performance didn't go unnoticed: in April, the product was named Best New ETF at the annual etf.com conference. BlackRock is also leading the race in Ethereum Spot ETFs, with nearly $5 billion of inflows to date.

What’s notable is the turn by BlackRock CEO Larry Fink, who previously was skeptical about crypto. These days he’s outspokenly positive: “I was wrong about Bitcoin,” he recently admitted. Even more, Fink says that “Bitcoin could potentially take over the role of the U.S. dollar.”

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