BlackRock’s Bitcoin ETF Surpasses 200K BTC Milestone
On Monday, the Bitcoin exchange-traded fund (ETF) managed by BlackRock reached a milestone, with holdings surpassing 200,000 BTC.
Official figures reveal that the iShares Bitcoin Trust (IBIT) now secures over 203,000 Bitcoins, serving as collateral for its approximately 357 million shares available on the market.
Under the ticker symbol IBIT, the iShares Bitcoin Trust represents BlackRock’s venture into the spot Bitcoin ETF domain. This ETF is overseen by iShares, a subsidiary of BlackRock specializing in ETF issuance and management. Since its debut on January 11th, within a span of merely two months, IBIT has amassed an impressive $14.5 billion in assets under management (AUM).
Being a passive ETF centered on Bitcoin, IBIT’s entire share portfolio is exclusively backed by BTC, forming the entirety of its AUM. Currently, it stands as the world’s second-largest Bitcoin ETF by AUM, following Grayscale’s (GBTC), yet it leads in terms of daily trading volumes.
On its market launch day, IBIT witnessed trading volumes exceeding $1 billion, a figure that has since skyrocketed, with daily volumes consistently surpassing $3 billion and reaching a new pinnacle of almost $4 billion in trading activity recorded just yesterday.
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In comparison, BlackRock’s spot ETF on gold, iShares Gold Trust (IAU), boasting an AUM close to $27 billion, has been operational for nearly two decades. However, its daily trading volumes seldom breach the $300 million mark, which is less than a tenth of IBIT’s trading volumes.
March 2022 marked the highest daily trading volume ever recorded for BlackRock’s gold ETF, nearing $3 billion. Remarkably, IBIT has already surpassed this milestone six times within its brief two-month existence on the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
