BlackRock’s (BLK) spot bitcoin (BTC) exchange-traded fund (ETF) hit the $1 billion assets under management mark on Wednesday, becoming the first of the recent cohort of bitcoin ETF providers to hit the milestone.
The asset manager’s iShares Bitcoin Trust (IBIT) started trading on Jan.12.
“We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand,” Robert Mitchnick, Head of Digital Assets at BlackRock said via an email. “This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.”
IBIT’s holdings consist of 99% bitcoin, and nearly $60,000 in fiat, data shows. The fund held 25,067 token per an updated on Thursday.
IBIT closed Wednesday trading at $24.41 and trades at a slight premium of 0.42% relative to spot bitcoin. The fund has recorded an average daily trading volume of 14 million shares so far, the data shows.
