BlackRock’s (BLK) Bitcoin exchange-traded fund (ETF) reached $1 billion in assets under management on Wednesday, becoming the first of a recent group of Bitcoin ETF providers to reach the milestone.
The asset manager’s iShares Bitcoin Trust (IBIT) began trading on January 12.
“We are pleased to see IBIT reach this milestone in its first week, reflecting strong demand from investors,” Robert Mitchnik, head of digital assets at BlackRock, said via email. “This is just the beginning. We have a long-term commitment focused on providing investors with access to high-quality iShares ETFs.
The data shows that IBIT’s holdings consist of 99% Bitcoin, and approximately $60,000 in fiat currencies. The fund holds 25,067 tokens according to Thursday’s update.
IBIT closed trading on Wednesday at $24.41 and is trading at a slight premium of 0.42% compared to spot bitcoin. The data showed that the fund has recorded an average daily trading volume of 14 million shares so far.