BlackRock’s iShares Bitcoin Trust (IBIT) Nears the Top Spot in the World of Cryptocurrency

New York, May 14, 2024 – BlackRock, the world’s largest asset manager, is making waves in the cryptocurrency market with its iShares Bitcoin Trust (IBIT). Launched on January 5, 2024, IBIT has quickly become a dominant player in the spot bitcoin exchange-traded fund (ETF) space. Here’s what you need to know:

Key Points:

1. Rapid Growth:

• Within just two months of its launch, IBIT surpassed $10 billion in assets, setting a record for the fastest growth among ETFs.

• As of May 6, 2024, IBIT’s net assets stand at approximately $17.3 billion.

1. Bitcoin Holdings:

• IBIT currently holds nearly 110,000 bitcoins, making it a significant holder of the digital currency.

• The fund tracks the CME CF Bitcoin Reference Rate – New York Variant (Bloomberg Index Ticker: BRRNY).

1. BlackRock’s Influence:

• BlackRock manages a staggering $10.5 trillion in total assets, and its foray into the crypto market signals broader institutional acceptance of digital assets.

• The sponsor fee for IBIT is initially waived to 0.12% for the first $5.0 billion of assets, with a subsequent fee of 0.25% after the initial 12-month period.

Institutional Embrace:

BlackRock’s involvement underscores the growing interest from institutional investors in cryptocurrencies. As IBIT continues to evolve, all eyes are on BlackRock as it inches closer to becoming the world’s largest bitcoin fund.