As a seasoned researcher with years of experience in the financial market, this latest move by BlackRock into Bitcoin ETFs doesn’t surprise me at all. The digital currency has been making waves in the investment world and it seems even the giants are jumping on the bandwagon. The inflows into IBIT, breaking records with each passing day, is a testament to the growing acceptance of cryptocurrencies as a legitimate investment option.
According to a recent SEC filing, BlackRock – the global leader in asset management – revealed its acquisition of 2,535,357 shares from the iShares Bitcoin Trust ETF (IBIT), worth approximately $91.6 million.
SoSoValue data shows that BlackRock’s IBIT attracted $230 million worth of inflows on Wednesday.
Yesterday, according to analyst Eric Balchunas, the popular ETF product recorded an unprecedented $5 billion in trades, marking a new high. Interestingly, just three other ETFs were more actively traded on Wednesday.
In my role as a researcher, I am observing that BlackRock’s IBIT has been making significant progress, edging ever nearer to an impressive accumulation of approximately $30 billion in cumulative inflows. At the moment, its total net assets are valued at $42.56 billion.
BlackRock first disclosed its intention to add IBIT exposure to other funds back in March.
The record-shattering product was launched back in January.
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2024-11-14 08:43