BlackRock’s IBIT ETF Breaks Records as Fastest-Growing Crypto Fund: Bloomberg

Bloomberg in its latest report has spotlighted blackrock blackrock - Fintech SolutionAdvisoryInvestment platform ETF’s records which has smashed industry records in its launch year itself. It noted that no ETF has ever had such an exceptional debut as it grew to a behemoth with more than $50 billion in assets in less than a year which makes it the fastest-growing cryptocurrency ETF in history. 

IBIT’s size grew to match the combined assets of over 50 long-established European market-focused ETFs. Todd Sohn of Strategas Securities highlighted this in a note, while Nate Geraci, the President of The ETF Store has called it “the greatest launch in ETF history.”

Bloomberg Intelligence analyst James Seyffart noted: “IBIT’s growth is unprecedented. It’s the fastest ETF to reach most milestones, faster than any other ETF in any asset class,” he said. “At the current asset level and an expense ratio of 0.25%, IBIT can expect to earn about $112 million a year,” he added.

Notably, Larry Fink Larry Fink   Larry Fink is the CEO of BlackRock and a prominent advocate for the adoption of cryptocurrency. BlackRock has added Bitcoin to its investment strategy, launched a Bitcoin ETF, and looked into how blockchain can impact global finance.   Larry has often delivered bullish views on Bitcoin. He also predicts that due to the country’s debt trap, Bitcoin will soon replace the US dollar as a reserve currency. Like other influencers, Larry also sees a need for clear regulations for crypto adoption.   Quick Facts   Full name Laurence Douglas Fink Birth 02-11-1952,  California, United States Nationality American Education UCLA Anderson School of Management Known for Bitcoin advocate and investor   Larry Fink - Career Highlights   1988 – Launched BlackRock, a fintech company.   2021 – BlackRock began its involvement with Bitcoin and the cryptocurrency sector.   2023 – Launched BlackRock Bitcoin ETF targeting institutional investors.   2024 – Supported the use of blockchain technology in asset tokenization.   EntrepreneurChief Executive OfficerChairman the firm’s CEO, who once criticized Bitcoin as a tool for global money laundering has now shifted his view as he began to view Bitcoin as “digital gold.”

BlackRock’s entry into the spot-Bitcoin market, supported by its strong ETF track record, led to the approval and launch of the first US Bitcoin ETFs in January. Following this approval, BlackRock, along with Fidelity, VanEck, Grayscale, and others, launched the first cohort of US Bitcoin ETFs. Together, these 12 funds now manage approximately $107 billion in assets.

BlackRock’s Contribution To BTC Rally

IBIT now holds more assets than BlackRock’s gold ETF, the second-largest gold fund globally. Notably, Geraci believes that IBIT in 2025 could surpass SPDR Gold Shares, the largest gold ETF, barring a collapse in the price of Bitcoin.

IBIT’s success also marked a significant turning point for Bitcoin, potentially boosting its legitimacy and acceptance in the financial market. It also played a significant role in pushing Bitcoin’s price above $100,000 for the first time, attracting both institutional investors and formerly skeptical individuals.

Remarkably, IBIT and other Bitcoin ETFs have contributed significantly to Bitcoin’s 118% price rally this year. Since its launch, IBIT has had only nine days of outflows and typically accounts for over 50% of the daily trading volume in the group.