BlackRock’s iShares Bitcoin Trust (IBIT) has hit a major milestone, now holding more than 700,000 Bitcoin, valued at roughly $76 billion, just a year and a half after launching in January 2024.
The milestone came after IBIT saw another surge in inflows this week. As of July 3, the fund had accumulated 698,919 BTC, according to BlackRock’s official iShares data. Then, after the U.S. Independence Day holiday, another 1,510 BTC flowed in on July 7, pushing the total to 700,307 BTC.
That figure was confirmed by Apollo co-founder Thomas Fahrer and cited by K33 Research’s Vetle Lunde on social media.
IBIT is now not only the largest U.S. spot Bitcoin ETF by assets under management (AUM) but has also become the third-highest revenue-generating ETF for BlackRock, trailing just two other funds out of its 1,197 offerings.
It’s also closing in on the top spot, being only $9 billion shy of becoming BlackRock’s biggest revenue source, as highlighted by Bloomberg’s Eric Balchunas.
The rapid growth has stunned ETF industry veterans. “700,000. Did this in 18 months. Ridiculous,” remarked Nate Geraci, President of NovaDius Wealth Management.
Since its debut, IBIT has delivered a total return of 82.67%, according to performance data. It now represents more than 55% of the total BTC held by all U.S. spot Bitcoin ETFs, which together hold around 1.25 million BTC, or nearly 6% of Bitcoin’s total supply, as per CoinGlass estimates.
IBIT also leads in trading activity. On Monday alone, it accounted for roughly 80% of the $2.9 billion in total trading volume among all U.S. spot Bitcoin ETFs.
Its closest competitors continue to trail. Fidelity’s FBTC, which has also passed Grayscale’s GBTC, holds over 200,000 BTC. Grayscale’s fund, once the leader, has seen its holdings plunge from 619,220 BTC to just 184,226 BTC, down nearly 70% since it converted to an ETF, as per its latest reports.
So far, U.S. spot Bitcoin ETFs have pulled in over $50 billion in total net inflows and BlackRock’s IBIT leads the charge with more than $52.9 billion since its launch in January 2024. That surge in demand, largely from institutions, has been further boosted by MicroStrategy’s continued Bitcoin buying spree.
Together, ETFs and MicroStrategy have been scooping up more Bitcoin than what miners have been producing almost every month this year, according to Galaxy Research.
At the same time, regulators seem to be easing up on the crypto sector. The SEC is reportedly planning to simplify the ETF approval process, which could cut wait times to just 75 days for new filings.
And in another big step, REX-Osprey recently launched the first-ever staked crypto ETF in the U.S., giving investors exposure to Solana (SOL) along with its staking rewards, a sign of how fast the space is evolving.
Also Read: BlackRock’s Bitcoin ETF Now Makes More Money Than Its S&P 500 Fund
