BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund (ETF), has achieved a remarkable feat by surpassing $1 billion in assets under management (AUM) within its inaugural week of trading. This milestone establishes IBIT as the first among the recently launched Bitcoin ETFs to reach such a significant AUM.
Commencing trading on January 12, 2024, the iShares Bitcoin Trust has swiftly garnered attention from investors looking for a regulated and transparent avenue to gain exposure to Bitcoin. The majority of IBIT’s holdings, constituting 99% of its portfolio, are in Bitcoin, with a small allocation of fiat currency, currently valued at almost $60,000. As of Thursday, the fund held 25,067 Bitcoin.
Robert Mitchnick, Head of Digital Assets at BlackRock, expressed enthusiasm, stating, “We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand. This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.”
Closing Wednesday’s trading session at $24.41, the iShares Bitcoin Trust trades at a slight premium of 0.42% compared to the spot price of Bitcoin. Since its launch, the fund has recorded an average daily trading volume of 14 million shares, signaling robust market interest.
