Summary
TLDR: BlackRock’s Bitcoin ETF saw significant inflows during the first quarter, contributing to the company’s record assets under management. The fund, along with a similar offering from Fidelity, has had inflows every trading day since launch. BlackRock also introduced a tokenized fund to provide exposure to US dollar yields. CEO Larry Fink sees tokenized assets as the next generation for markets and aims to innovate new products for clients.
Key Points
1. About one-fifth of BlackRock’s ETF net inflows during the first quarter went into the firm’s spot bitcoin ETF.
2. The iShares Bitcoin Trust (IBIT) notched roughly $13.9 billion, or 21%, of the total net inflows in the first three months of the year, making it the fastest-growing ETF in history.
3. The BlackRock bitcoin fund’s momentum helped the company achieve a record assets under management of $10.5 trillion during the first quarter.