BlackRock's IBIT physical Bit Token index fund announced on Monday that it has surpassed 700,000 Bit Tokens (worth $76 billion) 18 months after its launch in January 2024.
According to The Block on the local time of the 8th, BlackRock's IBIT physical Bit Token index fund announced on Monday that it has surpassed 700,000 Bit Tokens (worth $76 billion) 18 months after its launch in January 2024.
According to the fund page, IBIT has accumulated 698,919 Bit Tokens by July 3rd, and K33 Research Director Vetle Lunde mentioned on X that approximately 1,510 Bit Tokens were net inflows on July 7th, crossing the milestone after the US Independence Day holiday.
Nate Geraci, President of NovaDius Wealth Management (former ETF Store), said, "A new milestone... iShares Bit Token ETF now holds over 700,000 Bit Tokens". Geraci added, "700,000 in 18 months? That's incredible."
As Bloomberg Senior ETF Analyst Eric Balchunas previously emphasized, IBIT is currently the third-highest performing ETF among BlackRock's 1,197 funds, with only a $9 billion difference from becoming the top performer.
IBIT has overtaken Grayscale's converted high-fee GBTC fund in terms of assets under management less than a year ago. After catching up with the leading product in assets among other physical Bit Token ETFs, it has not looked back.
In fact, Fidelity's FBTC product ranks second with over 200,000 Bit Tokens under management, surpassing GBTC. Meanwhile, according to the latest disclosure, GBTC's Bit Token holdings have decreased by about 70%, from approximately 619,220 to 184,226 after conversion. GBTC was originally operated as a private fund and was converted to public trading in the OTC market in 2015, ultimately transitioning to an ETF.
According to CoinGlass data, the combined assets of all US physical Bit Token ETFs currently stand at approximately 1.25 million Bit Tokens ($13.5 billion), which is almost 6% of the total 21 million Bit Token supply. IBIT alone accounts for about 56% of these assets, which is more than MicroStrategy's 597,325 Bit Tokens ($6.5 billion).
According to data collected by The Block, US physical Bit Token ETFs have added an additional $1.2 billion over the past three trading days, passing the cumulative inflow milestone of $50 billion on Monday.
BlackRock's IBIT is again leading with total cumulative inflows of $52.9 billion since its debut in 2024. Additional net inflows from other funds are being offset by approximately $23.3 billion in net outflows from Grayscale's GBTC.
IBIT also dominates in trading volume, accounting for about 80% of the $2.9 billion trading volume on Monday.
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