BlackRock is making major waves in the crypto space, steadily ramping up its Bitcoin stash and hitting new highs.
The asset management giant’s iShares Bitcoin Trust (IBIT) now holds over 700,000 BTC, which accounts for around 55% of all Bitcoin held across U.S. spot Bitcoin ETFs. At current market prices, that stash is worth more than $80 billion. The milestone comes after BlackRock’s latest purchase of 1,388 BTC, part of its ongoing and aggressive accumulation strategy, as highlighted by ApolloSats co-founder Thomas Fahrer.
Since launching in January 2024, IBIT has seen explosive growth, amassing $76 billion in assets under management (AUM). It’s also dominated net inflows, pulling in 96% of all the new money flowing into Bitcoin ETFs so far. The fund has quickly risen to become one of BlackRock’s star performers so much so that it’s now generating more annual revenue than the firm’s long-established S&P 500 ETF, known as IVV.
Interestingly, despite IVV holding far more total assets about $624 billion the Bitcoin fund has become a bigger moneymaker for BlackRock. IBIT has raked in $187.2 million in annual fees, just edging out the $187.1 million brought in by IVV.
This huge Bitcoin stockpile puts BlackRock among the world’s largest Bitcoin holders, overtaking major corporate players like MicroStrategy, Tesla, and Coinbase.
The milestone has caught the attention of many in the financial world. Nate Geraci, president of The ETF Store, took to X to call the accumulation of 700,000 BTC in just 18 months “ridiculous,” underlining just how quickly IBIT has grown.
BlackRock also spearheaded the latest wave of Bitcoin ETF inflows on July 7, pulling in roughly $165 million of the day’s $217 million total, according to data from SoSoValue.
IBIT’s rapid success is turning heads internationally as well. Bloomberg recently reported that Italy’s UniCredit SpA is planning to launch a five-year, dollar-denominated investment certificate tied to IBIT, aimed at professional investors. The product would allow exposure to digital assets without the need for direct crypto custody or personal crypto wallets.
Meanwhile, BlackRock isn’t just focusing on Bitcoin. Its Ethereum ETF is steadily gaining momentum too, closing in on $5 billion in AUM as investor interest continues to grow.
BlackRock’s aggressive move into crypto ETFs signals that traditional finance’s biggest players are here to stay in the digital asset game and they’re reshaping the landscape at lightning speed.
