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BlackRock, the world’s largest asset manager, and its iShares Bitcoin Trust (IBIT) have officially joined the exclusive $10 billion club.
The fund rapidly achieved this status, becoming the fastest exchange-traded fund (ETF) to reach the $10 billion threshold in assets under management (AUM), a feat that underscores the accelerating institutional adoption of cryptocurrency-focused investment vehicles.
$GLD held the record for multiple decades for fastest ETF to $10B. Did it in just under 3 years. $IBIT just did it in 7 weeks.
— Anthony Scaramucci (@Scaramucci) March 1, 2024
It took BlackRock's Bitcoin ETF only seven weeks to reach this milestone. This milestone was previously held by gold-focused fund GLD for several decades. It took nearly three years to achieve this level.
Leading charge
Bloomberg Intelligence provides a detailed snapshot of the leading Bitcoin ETFs by asset. Grayscale Bitcoin Trust (GBTC), with an impressive $25.7 billion in total volume, although experiencing a decline in flows, remains the largest Bitcoin trust. Its size can be attributed to its early entry into the market, providing investors with exposure to Bitcoin through a traditional investment vehicle.
Following GBTC is BlackRock's iShares Bitcoin Trust (IBIT), which not only boasts a substantial $21.9 billion in assets but also shows a staggering inflow of $7.7 billion due to an immense level of trust and interest from investors.
Fidelity's Wise Origin Bitcoin Fund (FBTC) stands out, with $13.2 billion in assets and a notable inflow of $4.7 billion. The fund benefits from Fidelity's strong brand reputation.
$ARK 21Shares Bitcoin ETF (ARKB), with $4.5 billion in assets and $1.8 billion in inflows, reflects the innovative investment strategy that $ARK is known for, focusing on disruptive technologies, including cryptocurrencies.
Bitwise Bitcoin ETF (BITB) and Invesco Galaxy Bitcoin ETF (BTCO) are also key players in this landscape, with assets of $4.4 billion and $2.0 billion, respectively.
Other funds, like the VanEck Bitcoin Trust (HODL) and the Valkyrie Bitcoin Fund (BRRR), are smaller in size.
Titans of ETF world
In comparison, traditional ETFs like the SPDR S&P 500 ETF Trust (SPY) hold a commanding lead with $497.9 billion in AUM, demonstrating long-standing investor confidence in the stock market.
The iShares Core S&P 500 ETF ($IVV) and the Vanguard S&P 500 ETF (VOO) follow closely, with AUMs of $442.7 billion and $413.7 billion.
The Vanguard Total Stock Market ETF ($VTI) and the Invesco QQQ Trust Series I (QQQ) round out the top ETFs, with substantial AUMs of $374.8 billion and $252.6 billion.