BlackRock Spot Bitcoin ETF Becomes Fastest Fund to Surpass $70 Billion, Breaking Gold's Previous Record

Odaily Planet Daily News: Bloomberg ETF analyst Eric Balchunas stated that BlackRock's Bitcoin ETF, the IBIT fund (the largest of its kind), reached an asset size of $70 billion in just 341 trading days, becoming the fastest ETF to reach this milestone. This speed is five times that of the previous record holder, GLD (1691 days). GLD is the SPDR Gold Trust, which was listed on the NYSE in November 2004 and is the world's largest physically-backed gold ETF, managing approximately $100 billion in assets.

BlackRock launched its spot Bitcoin ETF in January 2024. According to Arkham Intelligence data, in April of this year, BlackRock's fund held 2.8% of the total Bitcoin supply. The asset management company holds Bitcoin on behalf of its clients but does not own the cryptocurrency itself. (The Block)