BlackRock's Bitcoin (BTC) Exchange-Traded Fund (ETF) Has Surpassed Its Gold Counterpart in Terms of Net Assets
- Susan SarandonOriginal
- 2024-11-09 06:24:23525browse
New data reveals that asset management titan BlackRock's Bitcoin (BTC) exchange-traded fund (ETF) has surpassed its gold counterpart in terms of net assets.
Fresh data shows that asset management giant BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) has beaten its gold counterpart in terms of net assets.
In a new thread on the social media platform X, Nate Geraci – co-founder of the ETF Institute – highlights that BlackRock’s iShares Bitcoin Trust ETF (IBIT) took just 10 months to outpace the IShares Gold Trust (IAU), which launched years ago.
“iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF in assets… Did this in 10 months. IAU launched in January 2005. Absolutely wild.”
The data shows that as of the morning of November 7th, the IAU had $32.7 billion in net assets while IBIT hit $33.1 billion.
The news comes as the number one crypto asset by market cap continues to rally following the US presidential election, which saw Donald Trump lose to Kamala Harris on November 5th.
The crypto king was valued at around $69,000 before the election. That night and the next day, it surged to $74,000 and is now trading for $76,000 at time of writing, up marginally over the last 24 hours.
In October, IBIT set a new daily inflow record when investors poured $875 million worth of daily inflows into the ETF, according to data from market intelligence firm Coinglass. The previous record was $849 million.
At the time, Bloomberg ETF expert James Seyffart said that the last two weeks of October were an “unprecedented” time for BTC ETFs.
Featured Image: Shutterstock/laskoart/Andy Chipus
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