CEO Larry Fink Bullish on Bitcoin as IBIT ETF Hits $17.1B

BlackRock CEO Larry Fink recently revealed his optimism regarding Bitcoin’s future while paying tribute to the success of the firm’s spot Bitcoin ETF, IBIT. Launched lately, IBIT has received impressive attention, becoming the fastest-growing ETF in the industry’s history, as claimed in a March 27 interview with Fox Business.

Under Fink’s leadership, BlackRock’s involvement in the crypto world with the iShares Bitcoin Trust (IBIT) has exceeded all expectations, attracting $13.5 billion in just 11 weeks of trade. This success story marks a new chapter for the investment firm, with Fink acknowledging the unexpected high demand from retail investors. Larry Fink said:

“IBIT is the fastest growing ETF in the history of ETFs. Nothing has gained assets as fast as IBIT in the history of ETFs.”

The ETF’s daily inflow average stands at over $260 million, with a peak single-day inflow of $849 million on March 12, data from Farside Investors reveals. Moreover, the surge in interest and investment has propelled IBIT to hold $17.1 billion in Bitcoin, a feat achieved in record time compared to traditional investment vehicles like the first gold ETF.

Such rapid accumulation highlights the growing acceptance and interest in cryptocurrencies as a viable investment option. With this achievement, IBIT only trails behind the Grayscale Bitcoin Trust, which remains the largest holder of Bitcoin with $23.6 billion in assets.
The broader market for spot Bitcoin ETFs has also seen significant growth, with total holdings exceeding $34.1 billion across nine issuers, excluding Grayscale. Among these, IBIT, along with the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB), leads the pack in attracting inflows, showcasing the burgeoning interest in digital assets among investors.