The BlackRock IShares Bitcoin Trust ETF (IBIT) sign on the Nasdaq Market site in New York on January 11, 2024.
Michael Nagle | Bloomberg | Getty Images
The fast-growing iShares Bitcoin Trust (IBIT) has now surpassed gold as one of the largest funds in the classic investment category.
As of Friday, Bitcoin exchange-traded funds had about $34.3 billion in assets under management, according to FactSet. it puts it on iShares Gold Trust (IAU)just under $33 billion.
This asset figure does not yet reflect the cryptocurrency's most recent rally over the weekend, when Bitcoin soared above $80,000. IBIT rose about 6% in morning trading Monday.
The largest Bitcoin ETF rose on Monday as the cryptocurrency hit an all-time high.
The milestone comes after President-elect Donald Trump's victory. The Republican has embraced cryptocurrencies as part of his campaign, including speaking at a Bitcoin conference in July.
IBIT has attracted about $1 billion in inflows in the past week, and overall has attracted $27 billion in inflows since its founding in January, according to FactSet. Due to the rise in the price of Bitcoin, total assets have reached more than $30 billion.
IBIT is still about $30 billion smaller than the market's largest gold ETF, SPDR Gold Share (GLD).
