Bitcoin may currently be grappling with regaining momentum following its dip from the all-time high it reached in March, but the top two spot Bitcoin ETFs – BlackRock’s iShares Bitcoin Trust ($IBIT) and Fidelity Wise Origin Bitcoin Fund ($FBTC) – have been making significant strides.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, $IBIT and $FBTC have achieved a notable milestone by becoming the fastest exchange-traded funds to reach the $10 billion in assets under management (AUM) mark.
Balchunas provided insights via X on Friday, highlighting that both spot Bitcoin ETFs managed to hit this landmark in substantially fewer days compared to the ETF that previously held the record. Balchunas remarked:
“Prior to the bitcoin ETFs, the record speed for an ETF to reach $10 billion in assets was held by $JEPQ, which accomplished it in 647 trading days (nearly three years). $IBIT achieved it in 49 days, $FBTC in 77 days.”
Following their debut in trading, BlackRock’s $IBIT rapidly surpassed the $10 billion threshold, setting a record in just 49 days. Meanwhile, $FBTC achieved this milestone in 77 days.
Before $IBIT and $FBTC set their remarkable records, the fastest an ETF had exceeded $10 billion in assets under management was in 647 trading days.
This record was previously held by $JEPQ, the JPMorgan Nasdaq Equity Premium Income ETF, an actively managed fund currently boasting assets of $12.37 billion, launched on May 3, 2022.
The historic success of the two spot Bitcoin ETFs came on the heels of substantial market enthusiasm at the beginning of the year, spurred by the US Securities and Exchange Commission (SEC) approving the first spot BTC ETFs for the US market.
$IBIT and $FBTC, alongside other funds approved in January, offer investors the opportunity to gain exposure to Bitcoin through traditional brokerage accounts.
As of May 9, data indicates that BlackRock holds 274,550 BTC, valued at over $17.1 billion.
The impressive performance of $IBIT and $FBTC underscores the growing investor interest and confidence in Bitcoin ETFs, despite the ongoing volatility and price fluctuations in the cryptocurrency market.