Blackrock has amassed nearly 110,000 bitcoins for its spot bitcoin exchange-traded fund (ETF), Ishares Bitcoin Trust (IBIT), since its launch about a month ago. The world’s largest asset manager’s bitcoin ETF has a total net inflow of nearly $5 billion, leading the pack among all spot bitcoin ETFs. Blackrock CEO Larry Fink has stated that he is now a big bitcoin believer.
Blackrock, the world’s largest asset manager, disclosed that as of Feb. 14, its spot bitcoin ETF, Ishares Bitcoin Trust (IBIT), held 109,609 bitcoins and $109,955 in cash, which translates to approximately $5,453,917,345 in net assets.
Spot bitcoin ETFs raked in $339.8 million on Feb. 14, with IBIT leading the pack at $224.3 million in net inflow. Ten U.S. spot bitcoin ETFs — including Blackrock’s IBIT and Grayscale’s Bitcoin Trust (GBTC) — saw a combined total inflow of over $4.1 billion since launch, according to data compiled by Bitmex Research. Since its launch on Jan. 11, Grayscale’s GBTC has experienced massive outflows.
Blackrock’s Ishares Bitcoin Trust quickly climbed to the top five in terms of inflows for all ETFs in 2024, achieving this feat within just 17 days of launch. Blackrock CEO Larry Fink recently said that he is now a “big believer” in bitcoin, emphasizing that “it’s bigger than any government.”
The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Jan. 10. In a Wednesday interview, SEC Chairman Gary Gensler reiterated that approving spot bitcoin ETFs doesn’t endorse BTC itself. He emphasized that the securities watchdog is “merit neutral.” However, he raised concerns about bitcoin’s use in ransomware, highlighting its prevalence in this illicit activity.
Meanwhile, many investors anticipate a significant price increase for bitcoin due to spot bitcoin ETFs and the upcoming Bitcoin halving. Microstrategy’s executive chairman, Michael Saylor, said this week that bitcoin has become the world’s most popular investment asset. “I think the asset’s found its footing and now people are beginning to realize that there’s 10 times as much demand for bitcoin coming in through these ETFs as there is supply coming from … the miners,” the executive opined.