- IBIT now holds 100,000 BTC, indicating the growing institutional confidence in Bitcoin as an asset class.
- Bitcoin’s price has also soared to a new high of $51,000.
IBIT, a Bitcoin exchange-traded fund (ETF) by BlackRock, has reached a historic milestone by holding 100,000 BTC under its management. It is the first Bitcoin ETF in the US to trade such a large amount of Bitcoin, indicating the growing institutional confidence in Bitcoin as an asset class.
iShares Bitcoin Trust (IBIT) is a Bitcoin ETF that was launched by BlackRock, the world’s largest asset manager, on January 11, 2024. It allows investors to buy and sell Bitcoin through a regulated platform, without having to deal with the technical aspects of storing and securing the cryptocurrency.
IBIT has shown remarkable growth since its launch, increasing its holdings by 3,700% in just one month. IBIT started with 2,621 BTC and now holds 105,280 BTC, making it the first Bitcoin ETF in the US to surpass 100,000 BTC. It is one of the nine spot Bitcoin ETFs that have been approved by the US Securities and Exchange Commission (SEC) and are expanding their holdings. This shows the growing interest in Bitcoin as an investment vehicle.
Bitcoin ETFs and Price Record
Bitcoin’s price has reached a new record of $51,000, showing the increased confidence and excitement of investors. Bitcoin became a trillion-dollar trading asset again on February 14th, reclaiming its status as a trillion-dollar trading asset, which it had lost since its peak during the major bull run.
The SEC’s green light for IBIT and other Bitcoin ETFs indicates the growing trust of institutional investors in Bitcoin as a valid asset class. This trend is also confirmed by BlackRock’s participation in the Bitcoin ETF space.
This change shows a deeper appreciation of Bitcoin’s possibilities beyond speculative trading. As Bitcoin becomes more prominent, it can change the structure of the global economy. Its impact is immense, whether as a reliable virtual currency or a revolutionary force.
