BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund (ETF), has surpassed $2 billion in assets under management (AUM). The ETF currently holds 49,952.3257 BTC, valued at over $2.08 billion with BTC trading at $41,867.
SEC Approvals for Spot BTC ETFs
In January, the US Securities and Exchange Commission (SEC) approved all 11 spot Bitcoin ETFs after months of collaboration with applicants to refine their proposals. Previously, the SEC had denied all spot Bitcoin ETF applications.
Newly Approved BTC ETFs
Exchange-traded funds track the performance of specific assets and are traded on the stock market. The newly approved spot Bitcoin ETFs require issuers to directly hold BTC. BlackRock’s IBIT and Grayscale’s GBTC are the first to cross the $2 billion AUM mark.
Nate Geraci, president of The ETF Store, notes that BlackRock’s iShares ETF is now in the top three out of over 600 launched since 2023 in terms of current assets. He predicts it will claim the number one spot on the list next week.
Hot Take: BlackRock’s IBIT Gains Momentum as BTC Soars
BlackRock’s iShares Bitcoin Trust has quickly gained popularity among investors, surpassing $2 billion in assets under management. As Bitcoin continues its upward trajectory, more investors are turning to ETFs for exposure to the digital asset. With regulatory approval opening doors for more spot Bitcoin ETFs, competition in the market is heating up. BlackRock’s IBIT, alongside Grayscale’s GBTC, is leading the pack with its strong performance and significant AUM. As the crypto market evolves, ETFs are becoming an increasingly attractive investment option for those seeking Bitcoin exposure without directly owning the cryptocurrency.
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