BlackRock’s iShares Bitcoin Trust (IBIT) has witnessed a significant surge, now holding over 200,000 Bitcoins valued at about $14.76 billion as of March 11, 2024.
This remarkable rise, marking a staggering 116% increase, follows a sudden influx of institutional investments into the spot Bitcoin ETFs market. This surge isn’t just a triumph for Bitcoin; it’s a significant moment for the entire digital assets market.
BlackRock’s IBIT now boasts over 200,000 Bitcoins, with a combined value of $14.76 billion.
The released data also sheds light on the iShares Bitcoin Trust’s Net Asset Value (NAV) of $41.27 on March 11, 2024, with a 4.55% increase in NAV on the same day.
BlackRock has also provided insights into IBIT’s fees, revealing a 0.25% Sponsor Fee. However, the company has opted for a bold move, announcing a fee waiver for the first 12 months, effectively reducing the Sponsor Fee to 0.12% for the first $5.0 billion of the Trust’s assets. Following this period or if the fund exceeds $5.0 billion within the year, the Sponsor’s Fee will return to 0.25%.
Did You Know? MicroStrategy Dethroned: BlackRock ETF Becomes Top Bitcoin Holder
Institutional investment in Bitcoin ETFs is witnessing a surge. Recent data shows a massive $505.6 million inflow into the US Spot Bitcoin ETFs market, highlighting a strong institutional interest, according to the provisional data of Farside UK.
BlackRock’s IBIT and Fidelity’s Bitcoin Trust (FBTC) have collectively received a staggering $775 million in inflows. Notably, on February 20th, BlackRock’s IBIT reached a historic pinnacle with a $562.9 million inflow, while FBTC saw a $215.5 million inflow.
Despite the overall surge, Grayscale’s Bitcoin Trust (GBTC) has experienced significant outflows.
This surge in Bitcoin and ETF inflows coincides with Bitcoin’s climb to a new all-time high, surpassing $72,000. Analysts attribute this uptrend to positive developments in the Bitcoin ETF space and anticipation surrounding the Bitcoin halving.
Bitcoin is currently priced at $72,155.372, with a 24-hour trading volume of $55.95 billion.
The influx of institutional investments into Bitcoin ETFs carries significant implications. BlackRock’s substantial Bitcoin position and record-breaking inflows into the US Spot Bitcoin ETFs highlight the market’s maturity and resilience, even amidst turbulent times.
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