Bitcoin's price gains push BlackRock's ETF above $2 billion in assets under management
Quick Take
- Bitcoin’s rising price on Friday is spurring BlackRock’s spot bitcoin ETF to become the first of the new products to reach $2 billion in assets under management.
- Grayscale’s converted fund has about $20 billion in AUM.
As the price of bitcoin rose on Friday, BlackRock's spot bitcoin ETF is positioned to reach the milestone of having $2 billion in assets under management with the firm's newly launched product continuing to dominate the new class of exchange-trade funds.
Bitcoin 
BTC
+3.30%
jumped by about 5% on Friday, rising above $42,000 for the first time in more than a week, according to The Block's Price Page. That's enough to value the 49,952 bitcoin the fund held as of Jan. 25 at more than $2 billion assuming there are no net outflows on Friday, making BlackRock's new ETF the first among completely new spot bitcoin exchange-traded funds to hit that threshold.
Grayscale's spot bitcoin ETF has about $20 billion in AUM, according to data posted by a Bloomberg Intelligence analyst, but its product is a conversion of its flagship fund GBTC.
"The bitcoin price has pushed IBIT's assets beyond $2 billion. This plus likely new flows today should mean it will be above $2 billion at close," Bloomberg Intelligence analyst James Seyffart wrote in a post on X.
RELATED INDICES
Total trading volume for spot bitcoin ETFs has surpassed $22 billion since investors gained the ability to buy and sell the instruments earlier this month, according to Yahoo Finance data compiled by The Block.
Overall volume slowing as AUM grows
The top three spot bitcoin ETFs by trading volume have been those offered by Grayscale, BlackRock and Fidelity, which has nearly $2 billion in AUM. Products launched by Ark Invest and Bitwise each have more than $500 million in assets under management.
Volume has been slowing since the first day of trading, when buying and selling of the new products hit $2.3 billion, according to to Yahoo Finance data compiled by The Block.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
