Is IBIT still undervalued?

**IBIT's valuation status cannot be conclusively determined as "undervalued" based on the available data.** Here's why: 1. **Market Dynamics and Institutional Interest**: IBIT's rapid growth to over $85 billion in assets under management in just 18 months reflects strong institutional interest and market demand. This surge in assets is a testament to the fund's popularity and the confidence of investors in Bitcoin. 2. **Price Ratios Indicate Market Alignment**: The P/E, P/S, and Price to Book ratios for IBIT are not provided in the available data. However, it is important to note that these ratios are influenced by market conditions, investor sentiment, and the specific dynamics of the Bitcoin market. 3. **Bitcoin's Mainstream Acceptance**: Bitcoin's increasing mainstream acceptance, driven in part by IBIT's growth, has contributed to its price appreciation. Bitcoin is now considered a viable investment option by institutional investors, which has reduced Bitcoin's available spot supply and influenced price dynamics. 4. **Regulatory Stability and Innovation**: The regulated environment provided by IBIT encourages a stable investment atmosphere, fostering further growth in the crypto market. This stability has allowed for growth without adverse intervention, creating a favorable environment for Bitcoin's integration with institutional finance. In conclusion, while IBIT's rapid growth and institutional interest suggest a strong market demand for Bitcoin, whether the fund is undervalued depends on various economic, market, and regulatory factors. Without specific price ratio data, it is not possible to definitively state IBIT's valuation status.