The iShares Bitcoin Trust (IBIT) has achieved unprecedented success, becoming the fastest-growing ETF in history with over $50 billion in assets in just 11 months. Its rapid growth has not only benefited BlackRock but also solidified Bitcoin's position in the mainstream financial world.
Sidhartha Shukla, Bloomberg NewsCFRA Research analyst Aniket Ullal shares his ETF hot picks; Invesco KBW Bank ETF, First Trust RBA American and iShares Bitcoin Trust.
IBIT’s size swelled to the equivalent of the combined assets under management of more than 50 European market-focused ETFs, many of which have been around for more than two decades, Todd Sohn, managing director of ETF and technical strategy at Strategas Securities, pointed out in a note. Nate Geraci, president of advisory firm The ETF Store, called it “the greatest launch in ETF history.”
With BlackRock’s more than $11 trillion in assets under management, the embrace by the world’s largest investment firm helped drive Bitcoin’s price past $100,000 for the first time, bringing both institutional investors and formerly skeptical individuals into the fold.The path to a spot-Bitcoin ETF in the US was a long and rocky one. In 2013, the Winklevoss twins were the first to try. They filed for an ETF when Bitcoin was trading just shy of $100.
Known for its flawless track record of filing and launching ETFs, BlackRock’s entrance into the spot-Bitcoin competition was taken as a sign that approval was inevitable. Then once given the green light in January, BlackRock, along with Fidelity, VanEck, Grayscale and others, successfully launched the first US cohort of ETFs that invest directly in Bitcoin. The group of 12 funds now collectively hold about $107 billion in assets.
IBIT now holds more assets than BlackRock’s gold ETF, the second-largest gold fund globally, even after that fund also saw strong demand this year. Investors poured in a net $37 billion, the third-strongest inflow to a fund this year.
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