Home Crypto News BlackRock Bitcoin ETF Market Cap Surpasses $2 Billion

BlackRock Bitcoin ETF Market Cap Surpasses $2 Billion

26 Jan, 2024 Crypto News

BlackRock Bitcoin ETF Market Cap Surpasses $2 Billion

BlackRock's Bitcoin ETF rapidly amassed $2 billion in assets under management (AUM) by Jan. 26.

Bloomberg analyst James Seyffart reported that the fund's capitalization reached $2.11 billion, driven by a surge in Bitcoin's price, which exceeded $42,000 for the first time in nearly a week.

The ETF's success indicates strong investor interest, with BlackRock's iShares Bitcoin Trust (IBIT) slightly outpacing Fidelity's Wise Origin Bitcoin Fund (FBTC).

BlackRock's approach to marketing its ETF, particularly to baby boomers, differed from competitors like VanEck, which targeted the crypto community.

The fund's initial fee of 0.12% was set to attract investment, compared to fees charged by other issuers like ARK Invest and VanEck.

Seyffart predicted that Bitcoin ETFs could attract $10 billion in capital in their first year.

Sources:

https://cointelegraph.com/news/blackrock-ibit-bitcoin-etf-crosses-2-billion-market-cap

https://twitter.com/JSeyff/status/1750944975901086199

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