Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), launched in January, has now surpassed the Ishares Gold Trust (IAU) in assets under management (AUM). According to Factset, IBIT reached approximately $34.3 billion on Friday, overtaking IAU’s nearly $33 billion. This milestone follows President-elect Donald Trump’s victory, with Trump openly supporting cryptocurrency during his campaign, including speaking at the Bitcoin Conference in July. The ETF attracted $1 billion in inflows over the past week and has seen a total of $27 billion in inflows since its inception, driven by bitcoin’s price surge to over $80,000. Although IBIT now exceeds IAU, it remains smaller than the largest gold ETF, SPDR Gold Shares (GLD), which holds roughly $30 billion more. The latest crypto rally, where bitcoin approaches $90,000, further underscores IBIT’s rapid growth as demand for digital assets continues to rise.

Source : Bitcoin.com - Nov 13, 2024