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BlackRock's iShares Bitcoin Trust (IBIT) has been a huge success and has now taken in more than $15 billion worth of investments since its January 11 launch.
The bitcoin exchange-traded fund (ETF), which got the green light from the Securities and Exchange Commission along with 10 other bitcoin funds, has earned more than other similar products on the market, data from Farside Investors shows.
And IBIT now has $18.7 billion in assets under management thanks to its merger with Grayscale Bitcoin Trust (GBTC), which now has $22.2 billion.
BlackRock, the world's largest asset manager, sent shock waves through the digital asset industry when it filed an S-1 form with the SEC to launch a crypto fund.
The firm's CEO, Larry Fink, went on to say on television that Bitcoin is “digitizing gold” and becoming a “global asset.” BlackRock's popularity and finx backing may be part of the reason the fund is doing so well. It also has lower fees than other Bitcoin ETFs.
Bitcoin ETFs offer traditional investors the ability to buy stocks through brokerage accounts that track the largest cryptocurrency by market value. Investors who buy IBIT do not need to store and hold bitcoins themselves – a sometimes complicated and difficult process.
According to CoinGecko, the price of Bitcoin is now at $67,787 per coin. That's a drop of nearly 4% in 24 hours. The coin hit a new all-time high of nearly $74,000 last month.
As a firm, BlackRock continues to do well. On Friday, the company announced that its total assets under management rose to $10.5 trillion — a 15 percent increase from a year ago.
Edited by Andrew Hayward.
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