iShares Bitcoin ETF from BlackRock Smashes Past 700K BTC Milestone

BlackRock’s iShares Bitcoin ETF Crosses 700,000 BTC, Cementing Spot as Revenue Powerhouse

BlackRock’s iShares Bitcoin Trust (IBIT) has shattered new records, amassing over 700,000 bitcoin—equivalent to roughly $76 billion in assets under management—according to Glassnode data.

Since its debut just 18 months ago, IBIT has rapidly grown to eclipse the size of BlackRock’s other flagship ETFs, overtaking the iShares Core S&P 500 ETF (IVV) and the iShares Russell 2000 ETF (IWM), which focus on large- and small-cap U.S. equities, respectively.

This staggering accumulation puts IBIT well ahead of Strategy (MSTR), which has collected 600,000 BTC since 2020, and dwarfs the holdings of Fidelity’s FBTC (203,000 BTC) and Grayscale’s GBTC (184,000 BTC).

“New milestone, iShares Bitcoin ETF now holds over 700,000 BTC. 700,000 Did this in 18 months. Ridiculous,” noted Nate Geraci, president of The ETF Store, in a post on X.

The rollout of U.S. spot bitcoin ETFs in January 2024 has proven to be one of the most successful ETF launches in financial history, drawing over $50 billion in net inflows to date.

With its explosive growth, IBIT has now become BlackRock’s third-largest revenue driver among its vast lineup of nearly 1,200 ETFs. Bloomberg’s senior ETF analyst Eric Balchunas emphasized the significance of IBIT’s meteoric rise within BlackRock’s diverse fund portfolio.