BlackRock’s Bitcoin Trust Generates $245 Million in Revenue
BlackRock’s iShares Bitcoin Trust (IBIT) has become the company’s most profitable product. It earned about $245 million in revenue over the past year. Bloomberg analyst Eric Balchunas shared this information in a post on X on Monday.
IBIT surpassed BlackRock’s iShares Russell 1000 Growth ETF (IWF) and iShares MSCI EAFE ETF (EFA) to become the top fund by revenue.
IBIT Nears $100 Billion in Assets Under Management
The iShares Bitcoin Trust is close to reaching $100 billion in assets under management (AUM). It currently holds around $97.8 billion. The fund reached this size in just over 435 days.
For comparison, the Vanguard S&P 500 ETF (VOO) took 2,011 days to hit $100 billion.
IBIT is one of eleven spot Bitcoin products approved by the U.S. Securities and Exchange Commission (SEC) in January 2024. It is the largest U.S. Bitcoin ETF, with total inflows of $62.6 billion, according to SoSoValue data.
Bitcoin ETFs See Record Inflows and Price Gains
- Bitcoin ETFs attracted $3.5 billion last week, the largest weekly inflow ever, says CoinShares.
- Global digital asset products saw $5.95 billion in inflows last week, also a record.
- U.S. spot Bitcoin ETFs have helped drive Bitcoin’s price up about 400% since filings began.
Eric Balchunas noted on X that Bitcoin’s nearly 400% rise since ETF filings shows the strong impact of these products.
Bitcoin (BTC) is up 2% in the last 24 hours. It trades near $125,025 after reaching an all-time high of $126,199 on Monday.
