BlackRock's Bitcoin ETF Surpasses $33 Billion in Net Assets, Beats Gold Fund
- DDDOriginal
- 2024-11-10 10:08:19972browse
The launch of the spot Bitcoin ETFs (exchange-traded funds) in January 2024 marked a perfect start to the year for the cryptocurrency industry.
BlackRock's Bitcoin exchange-traded fund (NYSE:IBIT) has now surpassed the asset manager's gold fund in terms of net assets. This comes just months after IBIT began trading in January 2024, while BlackRock's gold fund (NYSE:IAU) has been trading since January 2005.
According to ETF Store President Nate Geraci, BlackRock's Bitcoin ETF now has nearly $33.2 billion in net assets, compared to IAU's $32.9 billion. This is a remarkable achievement for a new ETF, especially considering the long track record of BlackRock's gold fund.
The news of IBIT's surpassing of BlackRock's gold fund coincides with the day that IBIT returned to positive inflows with its largest capital influx ever. Data from SoSoValue shows that BlackRock's Bitcoin ETF recorded a massive $1.12 billion net inflow on Thursday.
This impressive single-day performance marks a significant turnaround from a series of negative outflows for the crypto fund. IBIT registered a cumulative outflow of $113 million on Tuesday, November 5, and Wednesday, November 6.
Also noteworthy is that BlackRock's IBIT leads the US Bitcoin ETF market in terms of net assets. Grayscale's GBTC and Fidelity come in second and third with $16.8 billion and $14.58 billion, respectively. Ark & 21Shares' ETF (NYSE:ARKB) and Bitwise's fund (NYSE:BITB) round out the top five.
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