BlackRock’s iShares Bitcoin Trust (IBIT) is racing toward $100 billion in assets, a milestone it could reach before the end of July. Following a surge in inflows and a robust Bitcoin rally, IBIT’s total net assets have soared to approximately $88 billion — just $12 billion away from that threshold.
Trading at around $69 on the NASDAQ, IBIT is not only the largest Bitcoin fund on the market but also BlackRock’s most profitable ETF overall, according to Bloomberg’s Eric Balchunas.
Despite being only 1.5 years old, IBIT has jumped to become the 20th largest ETF in the U.S. and the 7th largest under BlackRock’s umbrella — a growth curve that is practically unheard of in the ETF world.
A key factor behind this explosion is the type of demand driving it. While critics claim there is little retail interest in this cycle, the numbers suggest otherwise. Of the approximately $150 billion currently held in U.S. Bitcoin ETFs, about $135 billion come from direct retail purchases or advisors buying on behalf of retail clients.
Last Friday, IBIT saw nearly $1 billion in daily inflows and $2.72 billion for the week. IBIT currently holds more than 3.6% of Bitcoin’s total supply.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team