March 7, 2024

BlackRock's Bitcoin ETF Achieves $10 Billion Milestone in Just 2 Months, Outpacing Gold ETF Record

BlackRock iShares Bitcoin Trust has soared to $10 billion in assets under management within a mere seven weeks, leaving behind the pace of the first US gold-backed ETF, which took over two years to reach the same milestone.

In a remarkable display of rapid growth, the BlackRock iShares Bitcoin Trust (IBIT) has surpassed $10 billion in assets under management (AUM) in just over seven weeks, a feat that took the inaugural U.S. gold-backed ETF more than two years to accomplish.

As of March 1st, BlackRock’s bitcoin ETF soared to $10 billion in AUM, achieving this milestone in approximately 39 trading days since its launch.

By contrast, the first gold ETF in the United States, SPDR Gold Shares (GLD), required over two years to reach the same threshold following its inception in 2004, as reported by the Zero Hedge finance blog.

Previous week witnessed numerous days of record inflows into spot bitcoin ETFs, with February 26th, 27th, and 28th exceeding $500 billion for the nine new ETFs.

Retired venture capitalist Jeff Kirdeikis shared a chart on March 4th illustrating the inflows of bitcoin ETFs compared to the outflows of gold funds, noting that bitcoin products have already amassed nearly half the value of gold funds since their launch in January.

Despite these developments, gold advocate Peter Schiff remained unconvinced. On March 2nd, he criticized CNBC for focusing on bitcoin and its ETFs, neglecting to report on the rise in gold prices.

While spot gold prices reached new all-time highs of $2,152 per ounce on March 6th, the precious metal has only seen a 4% gain since the start of the year. In contrast, bitcoin prices have surged by 57% over the same period.

BTC/XAU

In late February, Bloomberg ETF analyst Eric Balchunas remarked:

“Gold’s pain is bitcoin ETFs’ gain in the store of value smackdown.”

He also suggested that there was a “decent chance” bitcoin ETFs could surpass gold ETFs in AUM within two years.

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