Continuing its massive success since receiving regulatory approval in January, BlackRock’s Spot Bitcoin ETF has officially surpassed $23 billion in net assets value after the figure surged 20% in the most recent Q3. Indeed, the product has been rallying significantly, having one of its best trading days of the year this week.
A large part of its most recent success has been Donald Trump’s impending return to the White House. Emerging victorious in the 2024 presidential election, Trump pushed Bitcoin to a $76,000 all-time high Thursday. Moreover, that catapulted BlackRock’s Bitcoin ETF to seeing $1.1 billion in inflows in its best performing day yet.
Also Read: Bitcoin Eyeing $100k Before Inauguration Day After Trump Win
BlackRock Bitcoin ETF Keeps Surging: Hits $23B Mark Amid Record Day
2024 was always an important year for the cryptocurrency sector. Yet, it has gone as well as anyone could’ve imagined. The United States approved two crypto-based ETFs throughout the year, with Bitcoin setting a record price mark not once, not twice, but three times over the last ten months.
That has led to equally impressive performance for its various investment vehicles. Among them is BlackRock’s Bitcoin ETF, which has surpassed $23 billion in net assets after a remarkable 20% surge throughout Q3. Indeed, the iShares Bitcoin Trust (IBIT) has proven to be a massive success since it first arrived in January.
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Currently, the growing fund holds more than 367,800 BTC worth more than $21 billion. Additionally, recent filings reveal that the fund holds around $1.8 billion in unrealized profits as of the end of September. Since its issuance, the BlackRock BTC ETF has only sold 0.28% of its Bitcoin holdings. That is a tactic required to cover share redemption, showing that the product already features a high retention rate among investors.
Its continued success is expected to only be more impressive amid the 2024 election results. The product set two daily records on November 6th, the day the race was decided. Specifically, it had reached $1 billion in daily trading volumes, a record that was reached within the first 20 minutes of the day’s trading session.
