BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), has made history by crossing $70 billion in assets under management (AUM) faster than any ETF before it.
According to ETF expert Eric Balchunas, the fund reached this milestone in just 341 days — a record-setting pace that easily outperformed the previous benchmark set by SPDR Gold Shares (GLD), which took over 1,600 trading days to hit the same mark. Balchunas shared the news on June 9 via a post on X (formerly Twitter), calling IBIT’s growth “unprecedented.”
IBIT on Track to Eclipse Satoshi?
At present, BlackRock’s Bitcoin holdings have reached approximately 661,457 BTC, worth around $71.9 billion, placing the asset manager ahead of Binance and MicroStrategy in terms of institutional Bitcoin ownership. Only Bitcoin’s mysterious creator, Satoshi Nakamoto, is believed to control more — an estimated 1.1 million BTC.
Balchunas noted in May that, if the current trend continues, IBIT could overtake Nakamoto’s stash sometime in the summer of 2025.
Leading the Pack Among Spot Bitcoin ETFs
Since launching in January 2024 alongside ten other spot Bitcoin ETFs, IBIT has been the standout performer. It has seen net inflows of $48.7 billion so far, according to data from Farside Investors.
While May 30 saw a significant $430.8 million in outflows — ending a 31-day streak of consistent inflows — the overall performance remains strong. As of now, IBIT shares are trading at $61.77, reflecting a 5.3% gain over the past week, buoyed by Bitcoin’s rise back above $110,000.
Institutional Bitcoin: Divisive, but Growing
Despite ongoing debates within the Bitcoin community about the impact of institutional investment on the cryptocurrency’s decentralized ethos, not everyone is opposed.
Blockstream CEO Adam Back recently commented that ETFs like IBIT can be helpful for people unfamiliar with how to buy and store Bitcoin themselves. “Some people just find it too complicated,” he said. Still, he cautioned against the idea of ETFs dominating the Bitcoin supply, noting, “You don’t really want 90% of it locked in ETFs — that could be problematic.”
Earlier this year, IBIT was recognized for its impact, winning both the “Best New ETF” and “Crypto ETP of the Year” awards at the annual ETF.com event.
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