BlackRocks spot Bitcoin exchange-traded fund has become the fastest ETF in history to surpass $70 billion in assets under management.IBIT just blew through $70b and is now the fastest ETF to ever hit that mark in only 341 days, ETF analyst Eric Balchunas said in a June 9 X post.IBIT could surpass Satoshi by the end of next summerBalchunas said the milestone was approximately five times faster than the previous record holder, SPDR Gold Shares (GLD), which took 1,691 trading days to reach $70 billion AUM.Source: Eric BalchunasIBIT, which is listed on the Nasdaq stock exchange, holds $71.9 billion AUM at the time of publication, according to its website.
The firms holdings of 661,457 Bitcoin (BTC) makes it the largest institutional holder of Bitcoin ahead of crypto exchange Binance (629,190) and Michael Saylors Strategy (582,000).The largest holder of Bitcoin is still believed to be Bitcoins pseudonymous creator, Satoshi Nakamoto.
Analysts estimate that addresses linked to Nakamoto hold around 1.1 million BTC, accounting for approximately 5.2% of Bitcoins total supply of 21 million coins.IBIT has outperformed other spot Bitcoin ETFsHowever, Balchunas said on May 20 that BlackRock will likely surpass Nakamotos holdings by the end of next summer.IBIT shares are trading for $61.77 at the time of publication, up 5.30% over the past 5 days as Bitcoin reclaimed $110,000, according to Google Finance data.IBIT shares spiked 4.24% during the June 9 trading day.
Source: Google FinanceSince IBIT launched in the US in January 2024, it has outperformed the other 10 spot Bitcoin ETFs that launched on the same date, posting $48.7 billion in net inflows, according to Farside data.Most recently, on May 30, the IBIT ended its 31-day inflow streak with its largest daily outflow of $430.8 million.Bitcoin OGs are not all against bolstering ETF adoptionIn April, the IBIT was awarded the Best New ETF at the annual etf.com ETF awards.
It was also the recipient of the Crypto ETP of the year.Related: BlackRocks Bitcoin ETF ends 31-day inflow streak with biggest outflow everAlthough some Bitcoiners argue that widespread institutional adoption undermines Bitcoins original purpose, many of its earliest advocates disagree.Blockstream CEO Adam Back recently told Cointelegraph Magazine, You have to have some empathy for the people who want to buy Bitcoin, but they dont know how to do it, and its too complicated.There are limits to his tolerance, though.
You also dont really want 90% of it in ETFs or something because that might start to become a problem.Magazine: Baby boomers worth $79T are finally getting on board with BitcoinThis article does not contain investment advice or recommendations.
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