BlackRock’s iShares Bitcoin Trust Surpasses $70 Billion in 341 Days

BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has achieved a significant milestone by surpassing $70 billion in assets under management (AUM) in just 341 trading days. This rapid growth marks the fastest pace to reach this level, surpassing the previous record set by the SPDR Gold Shares ETF (GLD) by five times. The previous record was achieved in 1,691 days, highlighting the unprecedented speed at which IBIT has accumulated assets.

IBIT’s dominance is further underscored by its position among other spot Bitcoin (BTC) ETFs. According to data, IBIT commands more than triple the assets of the next-largest vehicle, Fidelity’s Wise Origin Bitcoin Trust (FBTC), which has $21.3 billion under management. Additionally, IBIT dwarfs Ark 21shares’ ARKB and Bitwise’s BITB, with their respective AUMs of $4.6 billion and $3.9 billion. Even Grayscale’s legacy GBTC fund, with $19.3 billion under management, is more than three times smaller than IBIT.

IBIT holds approximately 662,707 BTC, which constitutes nearly 20% of the 3,404,140 BTC custodied on behalf of public companies, private companies, governments, exchanges, and DeFi smart contracts. This substantial holding positions IBIT as a major player in the Bitcoin market, influencing the distribution and supply dynamics of the cryptocurrency.

However, IBIT’s dominance among institutional Bitcoin holders may face challenges as interest in Bitcoin extends beyond ETFs. Data from Wells Fargo, shared by VanEck’s head of digital assets research, Matthew Sigel, indicates that six publicly traded firms collectively hold or plan to raise up to $76 billion for potential Bitcoin purchases. These companies include Strategy, Twenty One Capital, Strive, Semler Scientific, Nakamoto Corp., and Trump Media and Technology Group.

Sigel highlighted that this pool of capital equals 56% of the spot Bitcoin ETF complex’s current assets under management and 16% of the net ETF inflows accumulated over the past 16 months. This suggests a deeper supply consolidation in the months ahead, as corporate capital raises point to increased institutional interest in Bitcoin. IBIT’s rapid ascent to $70 billion cements the spot Bitcoin ETFs as the dominant gateway for institutional exposure, while parallel corporate capital raises indicate a potential shift in the supply dynamics of Bitcoin.