BlackRock’s iShares Bitcoin Trust (IBIT) has set a historic milestone, surpassing the mark of $70 billion in assets under management (AUM), in just short of a year. This achievement cements IBIT as the fastest-rising ETF to reach this threshold. Previously, SDPR Gold Trust (GLD) held that record for taking 1,691 days to hit that same AUM value.
This value was driven by the continuous adoption of the fund, as well as today’s pump that ultimately led Bitcoin back near the $108K margin. Currently, the asset trades at BTC $107,860, up by nearly 2% over the last 24 hours.
IBIT was among the first Bitcoin exchange-traded funds to come out in January 2024 in the United States. Since then, the fund has become the largest and most successful Bitcoin ETF in the market, holding over triple the market value of the second place Fidelity (FBTC).
The fund has also been a great contributor to institutional Bitcoin adoption. Since May 21st, IBIT has accumulated $2.50 in Bitcoin inflows, further solidifying its role as a driving force in institutional adoption.
As of today, IBIT holds 3.3% of the total maximum supply of Bitcoin, making BlackRock a key player in the global Bitcoin landscape. This level of accumulation underscores the growing institutional presence in the crypto market, with BlackRock positioned as one of the most influential entities shaping Bitcoin’s financial integration.
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