- BlackRock’s IBIT generated $32M in revenue in Q1 2025.
- The price faces resistance of nearly $100K; the next target is $ 102.5 K.
BlackRock revealed $32 million in Q1 revenue from its Bitcoin ETF, iShares Bitcoin Trust (IBIT), in a new SEC filing. The firm also reported $47.78 billion in net assets at the end of Q1 2025, down from $51.52 billion in Q4 2024.
Despite the price correction, institutional demand stayed strong. Share issuances exceeded redemptions by 43 million in Q1. The total number of outstanding shares reached 1.013 billion. However, NAV per share declined from $53.09 to $47.14. The NAV peaked at $60.61 on January 21 and bottomed at $44.62 on March 10.
Operational costs remained low compared to asset size. Sponsor fees reached $33.04 million. A promotional fee waiver for the first $5 billion in assets saved $178,082, though it expired in January 2025. Coinbase Custody remained the primary custodian, but BlackRock added Anchorage Digital Bank in April 2025 to reduce counterparty risk.
The SEC’s February dismissal of its lawsuit against Coinbase removed a key legal overhang. Meanwhile, President Trump’s executive order to create a U.S. “Strategic Bitcoin Reserve” and proposed legislation to buy 1 million BTC in five years may reshape the ETF landscape. IBIT trades at $56 in pre-market.
Bitcoin in Today’s Market
Bitcoin (BTC) trades at $99,178.74, up 2.13% in the past 24 hours. Its market cap stands at $1.96 trillion, rising 2.15%. Trading volume surged 66.11% to $54.91 billion, with a market cap ratio of 2.82%. From a technical view, BTC faces resistance near $100,000.
If it breaks this, the next target could be $102,500. Immediate support lies at $96,000. A drop below this could see BTC testing $93,500. The Relative Strength Index (RSI) stands at 69.96, approaching overbought territory.
The RSI average sits lower at 59.94, suggesting short-term bullish momentum. Bitcoin trades above both the 9-period and 21-period moving averages, which currently sit at $97,926 and $96,118, respectively. A recent bullish MA crossover reinforces upward momentum.
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