BlackRock Bitcoin ETF Surpasses 700,000 BTC, Nears $76 Billion AUM

BlackRock's iShares Bitcoin Trust (IBIT) has surpassed 700,000 bitcoin holdings, equating to approximately $75.6 to $76 billion in assets under management just 18 months after its January 2024 debut, making it the third-largest revenue-generating ETF for BlackRock. This milestone places IBIT ahead of major ETFs like the iShares Core S&P 500 ETF and the iShares Russell 2000 ETF, as well as exceeding the bitcoin holdings of MicroStrategy's 600,000 BTC. Since the launch of U.S. spot bitcoin ETFs, the sector has attracted $50 billion in net inflows, establishing these funds as the most successful ETF introductions in history. IBIT dominates the U.S. spot bitcoin ETF market with a 55% share and has contributed to reduced bitcoin volatility, attracting mainly buy-and-hold investors. The SEC has introduced a streamlined ETF approval process that may further boost the launch of similar funds. Analysts note that monthly bitcoin acquisitions by U.S. spot ETF issuers and companies like MicroStrategy now exceed the supply generated by miners, underscoring the growing institutional demand for bitcoin.