BlackRock just launched its Bitcoin ETF, and guess what? It started trading at $27.50 on Nasdaq, shooting up more than 25% during Thursday’s pre-market hours.
Following the nod from the U.S. Securities and Exchange Commission (SEC) for listing and trading a spot Bitcoin ETF, BlackRock, the biggest asset manager, introduces its iShares Bitcoin Trust ETF (IBIT) on Nasdaq. The debut is quite a spectacle, as IBIT shoots up almost 25% in pre-market hours. Experts are predicting a significant surge in Bitcoin ETF investments right from day one.
BlackRock’s IBIT ETF Launch: A Stellar Debut and Strategic Moves
BlackRock’s iShares Bitcoin Trust (IBIT) ETF hit the market at $27.50, surging by over 25% during the pre-market hours on January 11. Notably, on the approval date, the net asset value (NAV) of BlackRock’s spot Bitcoin ETF stood at $26.12.
According to Bloomberg, a substantial $4 billion is anticipated to flow into spot Bitcoin ETFs on the inaugural day, with BlackRock expected to attract nearly $2 billion directly.
The BlackRock spot Bitcoin ETF is now live on various platforms, including their iShares website, Nasdaq, and over 175,000 Aladdin investor platforms post-listing. In a strategic move, BlackRock has announced a fee reduction to 0.25% and a fee waiver for part of the fee during the initial 12 months. This translates to a fee of 0.12% of the net asset value (NAV) for the first $5 billion of the Trust’s assets.
IBIT by BlackRock: Streamlining Bitcoin Access for Investors
Dominik Rohe, the head of Americas iShares ETF and Index Investing business at BlackRock, emphasized the significance of IBIT by stating, “Through IBIT, investors can access bitcoin in a cost-effective and convenient way.”
The BlackRock spot Bitcoin ETF is expected to play a pivotal role in overcoming obstacles and operational burdens faced by investors, ranging from asset managers to financial advisors, who want to engage directly with Bitcoin. By doing so, it aims to provide a more straightforward and accessible avenue for investors to participate in the cryptocurrency market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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