BlackRock’s Bitcoin ETF Has Amassed $15B in Inflows

The latest milestone comes as BlackRock releases a report of its Q1 2024 earnings, revealing a net income of $1.5 billion, up from $1.2 billion in Q1 2023.

The spot Bitcoin exchange-traded fund (ETF) of BlackRock, the world’s largest asset management firm, has hit a new milestone. Within three months of its launch, it has amassed $15 billion in total inflows.

Bloomberg analyst Eric Balchunas revealed that the iShares Bitcoin Trust’s (IBIT) $15 billion inflow is a huge feat, as it is double the figures recorded by any other BlackRock ETF.

“$IBIT is up over 50% and has taken in $15b in new cash in three months, both of those numbers are double any other BlackRock ETF and they have 421 of them. That is about as hot as the iron gets holmes,” Balchunas tweeted.

IBIT Surpasses Other ETFs

Data from CoinGlass shows that IBIT recorded more inflows than the other spot Bitcoin ETFs on Thursday, surpassing the outflows from Grayscale’s GBTC. While the latter witnessed a withdrawal of $124.9 million worth of bitcoins (BTC) from its holdings, IBIT added $192.1 million.

In addition, IBIT led the trading volumes of spot Bitcoin ETFs, which amassed $2.5 billion collectively, with $1.1 billion on Thursday. Although the collective daily trading volume is substantial, the figure is far from the $9.9 billion recorded on March 5 as BTC rallied to its all-time high.

Nate Geraci, president of The ETF Store, said IBIT’s remarkable growth has earned it a spot among the top 100 ETFs by assets among roughly 3,500 funds in existence in just three months of trading. Notably, BlackRock now holds over 268,000 BTC worth around $22.2 billion in assets under management. 

BlackRock Releases Q1 Report

The latest milestone comes as BlackRock releases a report of its Q1 2024 earnings. The report reveals a net income of $1.5 billion, up from $1.2 billion in Q1 2023, evidently driven by demand for spot Bitcoin ETFs. The company reported a record $10.5 trillion in assets under management and $76 billion in quarterly long-term net inflows.

“BlackRock’s momentum continues to build, with accelerating client activity and line of sight into the funding of significant wealth, institutional, and Aladdin mandates. We see significant growth potential in infrastructure, technology, retirement, and whole portfolio solutions, with a strong pipeline that has some of the best breadth that we’ve ever seen,” said chairman and CEO Larry Fink.