BlackRock’s iShares Bitcoin ETF Hits 700,000 BTC, Becomes Top Revenue Driver

BlackRock’s iShares Bitcoin Trust (IBIT) has reached a major milestone, now holding 700,000 bitcoin ($108,733.14 each), according to data from Glassnode. In just 18 months, IBIT has grown its assets under management to an impressive $76 billion—surpassing both the iShares Core S&P 500 ETF (IVV), which tracks the U.S. equity benchmark, and the iShares Russell 2000 ETF (IWM), which focuses on small-cap U.S. stocks.

This massive haul eclipses the 600,000 BTC held by Strategy (MSTR), which began accumulating bitcoin back in 2020. It also dwarfs the holdings of Fidelity’s FBTC (203,000 BTC) and Grayscale’s GBTC (184,000 BTC).

“New milestone, iShares Bitcoin ETF now holds over 700,000 BTC. 700,000 Did this in 18 months. Ridiculous,” wrote Nate Geraci, president of The ETF Store, in a post on X.

The debut of U.S. spot bitcoin exchange-traded funds (ETFs) in January 2024 has rewritten the record books, becoming the most successful ETF launches in history and pulling in $50 billion in net inflows so far.

IBIT has now risen to become the third-largest revenue generator among BlackRock’s lineup of nearly 1,200 ETF products. Senior Bloomberg ETF analyst Eric Balchunas highlighted BlackRock’s expansive portfolio of 1,197 funds, underscoring the significance of IBIT’s rapid ascent.