BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has achieved a significant milestone by surpassing $1 billion in assets under management (AUM) within its first week of trading. 

This makes it the first among the recently launched Bitcoin ETFs to reach this milestone.

See Also: World’s Largest Asset Manager BlackRock Announced It has No Plan For Spot XRP ETF

The iShares Bitcoin Trust started trading on January 12, 2024, and has quickly gained traction among investors seeking exposure to Bitcoin through a regulated and transparent investment vehicle. 

IBIT’s holdings consist primarily of Bitcoin, with 99% of its portfolio allocated to the cryptocurrency. 

The fund also holds a small amount of fiat currency, currently valued at nearly $60,000. As of Thursday, the fund held 25,067 Bitcoin.

Robert Mitchnick, Head of Digital Assets at BlackRock, said: 

“We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand. This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.”

See Also: BlackRock’s Larry Fink Supports Ethereum ETFs As Future of Tokenization

The iShares Bitcoin Trust closed Wednesday’s trading session at $24.41 and trades at a slight premium of 0.42% relative to the spot price of Bitcoin. 

The fund has recorded an average daily trading volume of 14 million shares since its launch.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.