BlackRock's iShares Bitcoin Trust Rockets Past $1 Billion AUM Milestone in Record Time!

BlackRock's iShares Bitcoin Trust (IBIT) reached a significant milestone by surpassing $1 billion in assets under management in its first week of trading, making it the first among the recent cohort of bitcoin ETF providers to achieve this feat. IBIT is primarily composed of 99% bitcoin holdings, with a minor allocation of approximately $60,000 in fiat currency. As of the latest data update, the fund holds 25,067 tokens, showcasing strong investor demand and indicating a promising start for BlackRock's foray into the cryptocurrency ETF market. Head of Digital Assets at BlackRock, Robert Mitchnick, expressed excitement about this achievement, emphasising the company's long-term commitment to providing investors with access to a high-quality iShares ETF focused on cryptocurrencies.