BlackRock’s iShares Spot Bitcoin ETF has exceeded its iShares Gold Trust in assets under management. The IBIT Bitcoin trust has reached $33.1 billion, with the recent US election being a catalyst for investor inflows and Bitcoin prices.
On election night in the US, Bitcoin climbed to a new all-time high as the voting returns favored Donald Trump. The former President and new president-elect has been open about his support for Bitcoin and cryptocurrencies, calling himself the “crypto president.” As a result of the newfound hype around Bitcoin in November, interest in the asset and other cryptocurrencies has risen. While Gold (XAU/USD) has also recently seen an all-time high, Bitcoin quickly eclipsed it as one of the most popular non-fiat assets in the world. BlackRock’s ETFs display this change, as its Spot Bitcoin ETF has now surpassed its Gold ETF in size.
IBIT has amassed around $33.1 billion in AUM, overtaking IAU, which currently holds about $32.9 billion of assets. The Bitcoin ETF accumulated more than $10 billion in assets within its first two months of trading. For context, that took the first gold ETF around two years to achieve. As Gold has typically been seen as a safe haven for those looking beyond the US dollar, it appears that Bitcoin is becoming a new alternative by its recent growth.
Additionally, recent filings reveal that BlackRock’s Bitcoin ETF holds around $1.8 billion in unrealized profits. Since its issuance, the BlackRock BTC ETF has only sold 0.28% of its Bitcoin holdings. That is a tactic required to cover share redemption, showing that the product already features a high retention rate among investors.
Also Read: Expert Insights: Trump’s Policies to Skyrocket Bitcoin to $100K in 2025
Financial analysts like Nigel Green, CEO of the deVere Group, have forecasted that Bitcoin’s rally will only continue. Indeed, Green says that the asset has the potential to reach $80,000 in the short term.
Trump’s promise to do away with the “persecution” of the crypto industry has led to increased hope in the market. But that didn’t just affect Bitcoin. Indeed, his election led to a 7.6% increase in the crypto market as a whole. Meme coins, in particular, have boomed since the election, with a 22.4% spike in the past few days.
BlackRock also has a Spot Ethereum ETF, which has also seen success since its inception and especially since the election.
