BlackRock Bitcoin ETF (IBIT) has made history as the most successful exchange-traded fund (ETF) launch ever, amassing over $50 billion in assets within just 11 months of its debut in 2024.
| Key Takeaways: – BlackRock Bitcoin ETF achieved unprecedented success in 2024, amassing over $50 billion in assets within 11 months. – Initially sceptical of Bitcoin, BlackRock changed its stance after receiving SEC approval. |
Bloomberg described the BlackRock Bitcoin ETF as achieving the best performance in the ETF industry’s history, outpacing long-established competitors.
The explosive growth of IBIT places it in a class of one among ETFs, now holding more assets than over 50 European market-focused ETFs combined, many of which have been on the market for more than two decades. “It’s the greatest launch in ETF history,” said Nate Geraci, president of The ETF Store.
The swift growth of the fund reflects BlackRock’s about-face on Bitcoin. The world’s largest asset manager made a turn on the cryptocurrency after observing the gathering pace behind Bitcoin ETFs.
The change came about after a court fight between Grayscale and the SEC over the greenlighting of Bitcoin ETFs. BlackRock Bitcoin ETF was one of the first to secure an SEC green light early this year, making serious moves into the digital asset space.
Despite the amazing success, BlackRock faces challenges. Bitcoin prices have undergone some remarkable corrections lately. The firm reportedly bought a large amount of Bitcoin, more than any other ETF issuer in the market.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
