BlackRock’s Bitcoin ETF is now larger than its gold ETF after IBIT’s assets reached a whopping $33,200,000,000.
This week, BlackRock’s iShares Bitcoin Trust (IBIT) surpassed the firm’s long-established iShares Gold Trust (IAU) in net assets for the first time.
As of Thursday, IBIT’s assets reached $33.2 billion, exceeding IAU’s $32 billion. Notably, while IBIT was launched earlier this year, IAU has been trading since 2005.
At the beginning of the year, IAU had a significant advantage, starting with around $25 billion more than IBIT.
However, BlackRock’s “digital gold” fund has rapidly gained ground in just a few months, though it still has a long way to go before catching up with the largest gold ETF, SPDR Gold Shares (GLD), which holds $76 billion in assets, according to Investopedia.
Both gold and bitcoin have performed impressively this year, with gold prices rising about 80%.
Bitcoin (BTCUSD), however, has outperformed even that, climbing approximately 80% year-to-date and recently reaching a new all-time high above $77,000 on Friday.
The increase in IBIT’s value has been fueled by a rally in bitcoin, which some attribute to Donald Trump’s election victory.
On Thursday, U.S. spot Bitcoin ETFs saw inflows totaling nearly $1.3 billion, with BlackRock’s IBIT contributing $1.1 billion of that amount, marking an all-time high for IBIT and all other bitcoin ETFs.
Bitcoin is currently trading at $76,407.15 at the time of this writing.
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