BlackRock’s Spot Bitcoin Exchange Traded Fund has now become the quickest ETF to reach a remarkable $70 billion in assets under management (AUM).
ETF analyst Eric Balchunas noted, “IBIT just blew through $7 billion and is now the fastest ETF to hit that mark in just 341 days.” This announcement was made in a June 9th post on X.
IBIT’s Rapid Growth
According to Balchunas, this pace is about five times faster than the previous record held by SPDR Gold Shares (GLD), which took 1,691 trading days to hit the same milestone.
Currently listed on the NASDAQ Stock Exchange, IBIT has achieved $71.9 billion in AUM as of this publication. The fund boasts ownership of 661,457 Bitcoin (BTC), solidifying its position as the largest institutional holder of Bitcoin, surpassing Binance (629,190 BTC) and Michael Saylor’s strategy (582,000 BTC).
Interestingly, the largest Bitcoin holder is still believed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Analysts estimate Nakamoto’s addresses contain around 1.1 million BTC, which accounts for roughly 5.2% of the total Bitcoin supply of 21 million coins.
IBIT’s Competitive Edge
Balchunas remarked, on May 20th, that BlackRock might surpass Nakamoto’s holdings “by the end of next summer.”
IBIT shares are currently trading at approximately $61.77, showing a recovery and a 5.30% increase over the past five days, according to Google Finance data.
Since its launch in the U.S. in January 2024, IBIT has outperformed other 10 spot Bitcoin ETFs launched on the same day, recording an impressive net inflow of $48.7 billion, as noted by Far Side Data.
As of May 30th, IBIT ended a remarkable 31-day influx streak.
Mixed Feelings on Institutional Adoption
In April, IBIT received the “Best Newet” award at the annual ETF.com ETF Awards and also won this year’s Crypto ETP award.
Some Bitcoin advocates argue that widespread institutional adoption is at odds with Bitcoin’s fundamental principles, while many early supporters see it quite differently.
Blockstream CEO Adam Back expressed a cautious viewpoint in a conversation with Cointelegraph Magazine, suggesting that while some institutional presence is acceptable, “we don’t want 90% of things like ETFs because that could start to be a problem.”
This article does not offer investment advice or recommendations. All investing and trading comes with risks, and readers should conduct their own research before making any decisions.
