BlackRock's spot Bitcoin ETF becomes the fastest fund to surpass $70 billion in size, breaking the previous record held by gold

ChainCatcher news, according to The Block, Bloomberg ETF analyst Eric Balchunas stated that BlackRock's Bitcoin ETF ------ the IBIT fund (the largest of its kind) surpassed $70 billion in assets in just 341 trading days, becoming the fastest ETF to reach this milestone, achieving this at a speed five times that of the previous record holder, GLD (1691 days). GLD refers to the SPDR Gold Trust, which was listed on the NYSE in November 2004 and is the world's largest physically-backed gold ETF, managing approximately $100 billion in assets.

BlackRock launched its spot Bitcoin ETF in January 2024. According to data from Arkham Intelligence, in April of this year, BlackRock's fund held 2.8% of the total Bitcoin supply. The asset management company holds Bitcoin on behalf of its clients but does not own the cryptocurrency itself.