Summary
BlackRock’s spot bitcoin ETF, iShares Bitcoin Trust (IBIT), has attracted over $1 billion in inflows within its first four days of trading, making it a rare achievement in ETF history. This surpasses Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), which has seen $882 million in inflows. Only two other ETFs, ProShares Bitcoin Strategy ETF (BITO) and State Street Global Advisors’ SPDR Gold Shares (GLD), have reached the $1 billion asset mark so quickly. Grayscale Investments’ Bitcoin Trust ETF (GBTC) has experienced outflows of around $1.6 billion in its initial trading days. BlackRock manages $10 trillion in assets and filed for a spot bitcoin ETF last June.
Key Points
1) BlackRock’s spot bitcoin ETF, iShares Bitcoin Trust (IBIT), attracted over $1 billion in inflows within its first four days of trading, which is a rare achievement in ETF history.
2) The IBIT fund surpassed Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) to become the second-largest bitcoin ETF with $1.1 billion of inflows.
3) Only two other ETFs, ProShares Bitcoin Strategy ETF (BITO) and State Street Global Advisors’ SPDR Gold Shares (GLD), have reached $1 billion in assets via organic-like demand as quickly as IBIT.