BlackRock’s Bitcoin ETF Is Now Larger Than Its Gold ETF

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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Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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