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BlackRock’s Bitcoin ETF is now the fastest-growing fund, surpassing $50 billion AUM in 11 months. Bitcoin’s price surpasses $100K as BlackRock’s ETF attracts institutional investors and dominates the market. BlackRock Inc’s iShares Bitcoin Trust (IBIT) has set a new standard in the exchange-traded fund (ETF) industry. Launched in January 2024, the fund achieved $50 billion in assets under management (AUM) within 11 months.  Meanwhile, this growth has made it the fastest-growing ETF of all time, surpassing records across all asset classes, according to Bloomberg. Blackrock Bitcoin ETF breaks records The iShares Bitcoin Trust has reached milestones at a pace no ETF has matched before. Todd Sohn, managing director of ETF and technical strategy at Strategas Securities, noted that IBIT’s asset size now equals the combined AUM of over 50 long-established European ETFs. Nate Geraci, president of The ETF Store, described IBIT’s launch as “the greatest in ETF history.”  Bloomberg Intelligence analyst James Seyffart estimated that with its current AUM and a 0.25% expense ratio, the fund is projected to generate $112 million annually in revenue for BlackRock. A boost for BTC The launch of IBIT also marked a major shift for Bitcoin. With BlackRock’s support, Bitcoin’s [BTC] price surged past $100,000 for the first time.  The world’s largest asset manager, overseeing more than $11 trillion, brought institutional legitimacy to the cryptocurrency, attracting both traditional investors and individuals who had previously been cautious. The road to IBIT’s launch followed years of regulatory hurdles. Efforts to secure approval for a spot-Bitcoin ETF began as far back as 2013, with repeated rejections from the Securities and Exchange Commission (SEC).  A breakthrough came in 2023 when Grayscale Investments won a federal court ruling overturning the SEC’s rejection of its Bitcoin trust conversion application. Soon after, BlackRock entered the scene, leveraging its regulatory expertise and…

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Filed under: News - @ December 31, 2024 10:18 pm