BlackRock Bitcoin ETF Hits $50 Billion Milestone

BlackRock's Bitcoin ETF, known as IBIT, has set new records in 2024, becoming the fastest-growing cryptocurrency ETF in history with over $50 billion in assets under management in less than a year. This ETF outpaced all other ETFs globally in terms of speed and scale, marking a significant milestone in the financial landscape. The success of IBIT has contributed to Bitcoin's price surpassing $100,000, highlighting its growing acceptance among institutional investors. Alongside other newly launched crypto ETFs, it led the sector to dominate fund inflows for the year. BlackRock's strong market presence and strategic entry into Bitcoin ETFs have also shifted CEO Larry Fink's stance on Bitcoin, reframing it as 'digital gold.' The approval of Bitcoin ETFs by the SEC earlier this year has facilitated this growth, signaling a broader acceptance and potential for further expansion in the crypto ETF market.