Assets under management of the BlackRock ETF exceed $2 billion
As the price of bitcoin rose on Friday, BlackRock's spot bitcoin ETF could reach an important milestone: having $2 billion in assets under management, and the company's newly released product continues to dominate a new class of exchange-traded funds.
Bitcoin jumped about 5% on Friday, climbing above $42,000 for the first time in more than a week. This is enough to value the 49,952 bitcoins that the fund held as of January 25 at more than $2 billion, assuming no net outflow on Friday, making the new BlackRock ETF the first among brand new bitcoin spot exchange-traded funds to reach this threshold.
According to data released by a Bloomberg Intelligence analyst, Grayscale's spot bitcoin ETF has an AUM of about $20 billion, but its product is a conversion of its flagship GBTC fund.
"The price of bitcoin has led to IBIT's assets exceeding $2 billion. This plus the likely new flows today should mean that assets will exceed $2 billion by the close," wrote Bloomberg Intelligence analyst James Seyffart in a post on X.
According to Yahoo Finance, the total trading volume of spot bitcoin ETFs has exceeded $22 billion since investors were able to buy and sell instruments earlier this month.
Source: Acryptoinvest
