Blackrock and Bitcoin logo on dark background with shiny details. 3D render. MUENSTER, GERMANY - June 17, 2023
- BlackRock’s IBIT has become the fastest ETF in history to surpass $70 billion in assets, achieving this milestone in just 341 days and outperforming all other spot Bitcoin ETFs.
- Holding over 661,000 BTC, IBIT is now the largest institutional Bitcoin holder and may surpass Satoshi Nakamoto’s estimated holdings by next summer.
BlackRock’s spot Bitcoin ETF, IBIT, has made history by becoming the fastest exchange-traded fund (ETF) to surpass $70 billion in assets under management (AUM), achieving the milestone in only 341 days. This rapid ascent eclipses the previous record held by SPDR Gold Shares (GLD), which took 1,691 trading days to reach the same mark.
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IBIT: A New Titan in the Bitcoin Market
As of June 9, IBIT boasts $71.9 billion in AUM and holds 661,457 Bitcoin—making it the largest institutional holder of BTC. This places BlackRock ahead of major players like Binance, with 629,190 BTC, and Michael Saylor’s firm, which holds 582,000 BTC. While Satoshi Nakamoto still tops the list with an estimated 1.1 million BTC, ETF analyst Eric Balchunas predicts that IBIT could surpass this total by the end of next summer.
Since its debut in January 2024 on the Nasdaq, IBIT has dominated the ETF market, outperforming the 10 other spot Bitcoin ETFs launched on the same day. According to Farside data, the fund has seen an impressive $48.7 billion in net inflows.
IBIT’s Growth Continues Despite Volatility
IBIT’s rapid growth hasn’t been without its hiccups. The fund recently ended a 31-day inflow streak with a single-day outflow of $430.8 million on May 30. Still, it rebounded strongly, with its shares rising 4.24% on June 9 and gaining 5.30% over the past five days as Bitcoin reclaimed the $110,000 level.
Institutional Bitcoin Adoption: A Mixed Reaction
IBIT’s success has reignited debate among longtime Bitcoiners. While some argue that large-scale institutional adoption conflicts with Bitcoin’s decentralized roots, others see it as a practical solution for broader access. Blockstream CEO Adam Back acknowledged this perspective, noting that not everyone has the technical know-how to manage Bitcoin independently. However, he cautioned against letting ETFs dominate Bitcoin’s ownership.
BlackRock’s record-breaking ETF run underscores the growing demand for regulated, accessible exposure to Bitcoin. As the crypto market evolves, the balance between institutional involvement and Bitcoin’s foundational ideals remains a key topic of discussion.
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