BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a significant milestone, exceeding 700,000 Bitcoin (BTC) in assets under management (AUM) on Monday. This impressive growth comes just 18 months after its launch in January 2024.
As of July 7, IBIT’s AUM reached approximately $76 billion, driven by recent net inflows of around 1,510 BTC following the U.S. Independence Day holiday. “New milestone… iShares Bitcoin ETF now holds over 700,000 BTC,” noted Nate Geraci, president of NovaDius Wealth Management (formerly The ETF Store), adding, “700,000 in 18 months. Ridiculous.”
The rapid ascent of IBIT has propelled it to become the third-highest revenue-generating ETF for BlackRock out of its 1,197 funds. Bloomberg Senior ETF Analyst Eric Balchunas highlighted that IBIT is now only $9 billion away from claiming the top spot in BlackRock’s revenue rankings, The Block said in a report.
IBIT’s success has also seen it surpass Grayscale’s converted GBTC fund in AUM over a year ago, a product that had a significant head start. Since then, Fidelity’s FBTC has also overtaken GBTC for second place, now holding over 200,000 BTC. In contrast, GBTC’s post-conversion Bitcoin holdings have declined by approximately 70%, from around 619,220 BTC to 184,226 BTC, largely due to its higher fees compared to newer entrants.
Collectively, U.S. spot Bitcoin ETFs now hold approximately 1.25 million BTC, valued at about $135 billion, representing nearly 6% of Bitcoin’s total 21 million supply. IBIT alone accounts for roughly 56% of this combined AUM.
The U.S. spot Bitcoin ETFs also crossed the $50 billion cumulative inflow milestone on Monday, with a fresh $1.2 billion in net inflows over the past three trading days. BlackRock’s IBIT has been a major contributor to this, leading total combined inflows since the ETFs’ 2024 debut with $52.9 billion. This strong performance comes despite an estimated $23.3 billion in net outflows from Grayscale’s GBTC.
In terms of trading activity, IBIT continues to dominate, accounting for approximately 80% of the $2.9 billion in trading volume on Monday. This sustained momentum underscores the growing institutional demand for regulated Bitcoin investment products.
