BlackRock, the world’s largest asset manager, now manages more Bitcoin than gold for its flagship exchange-traded funds (ETFs), iShares. More specific
BlackRock, the world’s largest asset manager, now manages more Bitcoin than gold for its flagship exchange-traded funds (ETFs), iShares. More specifically: Even though the iShares Gold ETF (IAU) has only been around since January, the Wall Street behemoth’s iShares Bitcoin Trust ETF (IBIT) has now overtaken it in terms of net assets.
BlackRock’s spot Bitcoin ETF amassed an incredible $33.17 billion in value as of Thursday’s market close. BlackRock’s .gold ETF, which has $33 billion in net assets.
The iShares Gold ETF has been available since 2005, in 2009, BlackRock purchased the company and trademark from Barclays.
Undoubtedly, Donald Trump’s reelection on Tuesday, a major event that sent markets soaring, strengthened BlackRock’s Bitcoin position. On the day following Trump’s retake of the White House, the spot Bitcoin ETF saw $4.11 billion in daily trading, the highest amount ever.
Bloomberg Senior Analyst Eric Balchunas states that during the same period, activity exceeded even daily volume on blue-chip stocks like Netflix, Visa, and Berkshire Hathaway, indicating investor excitement that Trump will fulfill his numerous pledges to end the U.S. S. . government’s efforts to combat cryptocurrency and support the emerging sector.
BlackRock’s Bitcoin ETF is by far the biggest of the 11 spot Bitcoin ETFs are available on Wall Street. Grayscale, the next closest in size, currently has $16.8 billion in Bitcoin, which is about half as much as BlackRock.
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