January 12 marked the beginning of trading for the asset manager’s iShares Bitcoin Trust.
Statistics reveal that out of IBIT’s total assets, 99% are bitcoin.
With $1 billion in assets under management (AUM), BlackRock’s spot bitcoin ETF became the first bitcoin ETF provider to reach this milestone on Wednesday.
January 12 marked the beginning of trading for the asset manager’s iShares Bitcoin Trust (IBIT).
Robert Mitchnick, Head of Digital Assets at BlackRock stated via email:
“We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand. This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.”
Statistics reveal that out of IBIT’s total assets, 99% are bitcoin and almost $60,000 are fiat currency. As of Thursday’s update, the fund has 25,067 Bitcoins.
On Wednesday, IBIT reached a closing price of $24.41, representing a little premium of 0.42% above spot bitcoin. According to the statistics, the fund has consistently registered an average daily trading volume of 14 million shares.
Bitcoin Underperforms
In the meanwhile, today saw a significant correction in the entire crypto market as a result of the ETFs’ recent emergence. As the market value plummets, the crypto community is drawing more conclusions about the possible influence of ETFs on the future of crypto.
In contrast to market mood after the SEC’s recent ETF clearance, the price of Bitcoin remained flat throughout the week, even though Bitcoin ETFs are still gaining popularity.
Notably, after the SEC’s decision to signal approval for an ETF, the price of Bitcoin fluctuated wildly. Following the approval, there was a significant decline in price. According to CoinMarketCap, Bitcoin is trading at $42,623, down 0.11% in the last 24 hours.