Blackrock becomes the first Bitcoin ETF among the new issuers to reach this milestone.
BlackRock, one of the world’s largest asset managers, is quickly becoming a behemoth in the crypto industry following the success of its Bitcoin ETF. Since gaining approval two weeks ago, the financial giant has been leading the pack, attracting billions in inflows and achieving remarkable milestones.
BlackRock’s Bitcoin Bags Grow Following ETF Success
Bitcoin ETFs have been making waves in the TradFi industry since gaining approval on January 10, drawing in a surge of investors looking to ride the hype surrounding the financial instrument.
Standing tall among the choices is BlackRock, mainly due to its eminent status in the finance industry. After quietly gobbling up a staggering 11,500 bitcoins in the first two days of the ETF, the asset manager now oversees a staggering 49,952 bitcoins, valued at an impressive $2 billion at press time.
BlackRock’s newly launched Bitcoin ETF is the first among the new issuers to reach the milestone of amassing over $2 billion in assets under management, with Fidelity closely trailing at $1.8 billion AUM. Still, despite managing the highest assets, Grayscale’s Bitcoin Trust has weathered significant outflows in the last two weeks, witnessing nearly $5 billion exiting its coffers.
Why This Matters
BlackRock’s success with its Bitcoin spot ETF could potentially shape the trajectory for Bitcoin. As demand for the financial instrument continues to surge, the market could experience a seismic shift.