BlackRock's iShares Bitcoin Trust Surpasses 100,000 BTC, Becomes First US Spot Bitcoin ETF to Hit Milestone
Summary:
BlackRock's Bitcoin exchange-traded fund, iShares Bitcoin Trust (IBIT), has exceeded 100,000 BTC under its management, making it the first US spot Bitcoin ETF to reach this milestone. Since its launch on January 11, 2024, IBIT has seen significant growth, increasing its assets under management by over 3700%. The milestone coincides with Bitcoin surpassing the $51,000 mark for the first time since November 2021.
BlackRock's Bitcoin (BTC) exchange-traded fund (ETF), now titled iShares Bitcoin Trust (IBIT), has registered more than 100,000 BTC in its management portfolio. As per data released by BlackRock, IBIT had accumulated 105,280 BTC in its reserves by Feb. 13th. The iShares Bitcoin Trust is the premier American spot Bitcoin ETF to achieve a 100,000 BTC milestone in managed assets in just 22 days of trading, outpacing nine other spot Bitcoin ETFs, excluding the Grayscale Bitcoin Trust ETF (GBTC). The accomplishment reflects BlackRock’s aggressive purchasing position on BTC since the inception of its spot Bitcoin ETF on Jan. 11, 2024, among 10 other issuers. BlackRock has inflated the holdings of iShares Bitcoin Trust over 3,700% since IBIT was first introduced in January, seeing its assets under management inflate from a humble 2,621 BTC on Jan. 11 to 100,000 BTC on Feb. 13. The iShares Bitcoin ETF is among the nine spot Bitcoin ETFs that have exhibited consistent growth in reserves since their launch, including the Fidelity Wise Origin Bitcoin Fund (FBTC), which has accumulated 83,925 BTC as of Feb. 13. With the American launch of spot Bitcoin ETFs, the Grayscale Bitcoin Trust ETF (GBTC) is the only one actively disposing of BTC following its initial trading commencement with 619,220 BTC under its management. By Feb. 13, GBTC had reduced its holdings by 25% settling at 463,475 BTC. Cointelegraph reached out to BlackRock for comments on IBIT's milestone achievement of accumulating 100,000 BTC but hasn't received a response at the time of drafting the news. The substantial holdings of the IBIT came in the wake of spot Bitcoin ETFs recording a new daily net inflow high since their launch. Data from Farside Investors indicate that the combined daily influx from the 10 spot Bitcoin ETFs accrued to $631.3 million, with the iShares Bitcoin ETF alone seeing a staggering $493 million. Observations within the crypto community suggest that BlackRock could be grappling with matching the enormity of the influx into iShares Bitcoin ETF. BTC has been exceeding growth boundaries recently, surpassing $51,000 for the first time since November 2021 on Feb. 14, a day after it crossed the $50,000 milestone. At the time of compiling this report, CoinGecko's data suggests BTC is trading at $51,383, a 20% increase over the past month. In the wake of this surge, the Crypto Fear and Greed Index has hit levels unseen since BTC reached its highest at $69,000 in mid-November 2021.
Published At
2/14/2024 2:39:23 PM
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