BlackRock says its spot bitcoin ETF is attracting a diverse investor base
Quick Take
- BlackRock Head of U.S. iShares Product Rachel Aguirre said both retail and new investors are interested in the firm’s spot bitcoin ETF.
- Aguirre also discussed BlackRock’s educational efforts for clients and financial advisors regarding bitcoin.
Speaking with Bloomberg TV on Wednesday, BlackRock Head of U.S. iShares Product Rachel Aguirre said the firm was seeing inflows into its new spot bitcoin ETF product (IBIT) from all kinds of investors.
Asked whether the flows into IBIT were coming from Grayscale’s GBTC product, Aguirre replied the firm is seeing "interest from both retail and self-directed investors," adding that there were investors "who were ready to invest on day one.”
“But we're also focused on those investors who are just now beginning to look at this new asset class. And we're very excited about that,” she added.
Aguirre didn't comment on whether BlackRock’s model portfolios would include bitcoin allocations in the weeks and months ahead. However, the firm is focused on educational efforts for clients and financial advisors about bitcoin.
“What I will say is we're focused on, again for our clients, understanding what education needs there are supporting them along their investing journey and empowering them to make the financial decisions that are right for them,” Aguirre said.
RELATED INDICES
BlackRock and Fidelity dominate spot bitcoin ETF flows
Yesterday, the newly-launched U.S. spot bitcoin ETFs crossed the $10 billion mark in cumulative trading volume in just four days, reaching $11.8 billion by the end of the trading day, according to Yahoo Finance data compiled by The Block. Grayscale, BlackRock and Fidelity continue to dominate, collectively accounting for about 90% of the total volume.
Yesterday's trading volume for the spot bitcoin ETFs hit nearly $2.2 billion, following the $1.8 billion registered on Tuesday — below the $3 billion seen last Friday and the $4.6 billion on day one of trading.
BlackRock and Fidelity's ETFs also lead in terms of fresh capital flowing into the instruments, according to Bloomberg ETF analyst Eric Balchunas. BlackRock recorded a total of $710 million worth of inflows and Fidelity $524 million in the first three days of trading, Balchunas said. Grayscale, on the other hand, registered $1.2 billion in outflows for its converted fund in the period, with total net flows across all the new spot bitcoin ETFs at $782.5 million.
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