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CEO of BlackRock Optimistic About Bitcoin; ETF Surpasses $17 Billion Mark

CEO Larry Fink expresses surprise at the high level of retail demand for BlackRock's spot Bitcoin ETF, contributing to its value exceeding $17 billion.

Max Porter Max PorterVerified Author
Mar 27, 2024
2 min. read
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Key Points

  • BlackRock’s CEO, Larry Fink, expresses surprise and optimism at the performance of the firm’s Bitcoin ETF, IBIT.
  • IBIT has amassed $13.5 billion in flows within its first 11 weeks, surpassing expectations.

Larry Fink, CEO of BlackRock, shared his positive surprise at the performance of the company’s spot Bitcoin exchange-traded fund (ETF), known as IBIT.

In a recent interview, Fink revealed his bullish stance on Bitcoin’s long-term prospects.

Impressive Performance of IBIT

According to Fink, IBIT has set a record as the fastest-growing ETF in history.

The iShares Bitcoin Trust (IBIT) has performed exceptionally well in its first 11 trading weeks, even exceeding Fink’s expectations.

In its initial trading period, IBIT recorded $13.5 billion in flows, with a daily high of $849 million on March 12, as reported by Farside Investors.

Fink expressed his satisfaction with the market’s increased liquidity and transparency, attributing it to the unexpected retail demand.

IBIT’s Position in the Market

Currently, IBIT holds $17.1 billion in Bitcoin, according to BitMEX Research.

It took the ETF only two months to reach the $10 billion mark, a milestone that the first gold ETF took two years to achieve.

Among all approved ETFs, IBIT trails only the Grayscale Bitcoin Trust in Bitcoin holdings, which has $23.6 billion in BTC.

The nine-spot Bitcoin ETF issuers, excluding Grayscale, now hold over $34.1 billion in Bitcoin.

Despite this success, some market experts predict that some Bitcoin ETF issuers might eventually close due to insufficient profits.

In response to this, several ETF issuers have reduced fees to compete with larger players.

However, these smaller issuers face significant challenges in this highly competitive market, as per Bloomberg ETF analyst Henry Jim.

On March 27, Hashdex became the 11th firm to have its spot Bitcoin ETF approved, entering the competitive US market.

Tags: Bitcoin (BTC)

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