BlackRock’s Bitcoin ETF Surpasses 700,000 BTC in 18 Months

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed 700,000 BTC in assets under management just a year and a half after its debut in January 2024. This milestone reflects the growing interest among investors seeking exposure to the world’s largest and oldest cryptocurrency.

The iShares Bitcoin Trust (IBIT) ETF had accumulated 698,919 BTC as of July 3. With a net inflow of 1,510 BTC on July 7, IBIT crossed the 700,000 BTC threshold, making its assets under management worth around $75.5 billion based on current prices. This rapid growth has been noted by industry experts, with Nate Geraci, president of The ETF Store, commenting on the achievement as "ridiculous" given the short time frame of 18 months.

IBIT has become the most actively traded spot Bitcoin ETF since its launch, holding over 3% of Bitcoin’s total capped supply of 21 million. This positions it as the third highest revenue-generating ETF for the world’s largest asset manager, out of 1,197 funds, and just $9 billion away from becoming the top revenue-generating ETF.

The U.S. spot Bitcoin ETFs collectively crossed the $50 billion cumulative inflow milestone, with BlackRock’s IBIT leading the total combined inflows. With 700,000 BTC in possession, BlackRock’s iShares Bitcoin Trust has overtaken the nearly 600,000 Bitcoins held by Michael Saylor’s Strategy, which started purchases in 2020. Strategy is currently the world’s largest corporate Bitcoin holder.

Since the historic introduction of the 11 U.S. spot Bitcoin ETFs, they have become one of the most successful ETF launches of all time, amassing 1.25 million BTC. This surpasses the Bitcoin stockpile supposedly owned by the legendary pseudonymous Bitcoin creator, Satoshi Nakamoto. According to the analyst, BlackRock’s IBIT alone is now 62% of the way to exceeding Satoshi as the top holder of Bitcoin in the world.