BlackRock's spot Bitcoin ETF IBIT surpasses 700,000 BTC in assets under management

BlackRock's IBIT spot Bitcoin exchange-traded fund surpassed 700,000 BTC ($76 billion) in assets under management on Monday, 18 months after its launch in January 2024.

IBIT accumulated 698,919 BTC by July 3, according to its fund page, with around 1,510 BTC in net inflows on July 7, taking it over the milestone after the Independence Day holiday in the U.S., K33 Head of Research Vetle Lunde noted on X.

"New milestone… iShares Bitcoin ETF now holds over 700,000 BTC," Nate Geraci, president of NovaDius Wealth Management (formerly The ETF Store), said. "*700,000* in 18 months. Ridiculous."

IBIT is now the 3rd highest revenue-generating ETF for BlackRock out of 1,197 funds and is only $9 billion away from being the first, Bloomberg Senior ETF Analyst Eric Balchunas previously highlighted.

IBIT overtook Grayscale's converted and higher-fee GBTC fund by AUM just over a year ago, catching the product that had a head start over the other spot Bitcoin ETFs in assets and hasn't looked back since. 

In fact, Fidelity's FBTC product has also surpassed GBTC for second place, with over 200,000 BTC in AUM. Meanwhile, GBTC's post-conversion bitcoin holdings have decreased by about 70%, from around 619,220 BTC to 184,226 BTC, according to its latest disclosures. GBTC originally operated as a private placement fund before transitioning to public trading on the OTC market in 2015, followed by its ultimate conversion to an ETF.

The combined assets held by all U.S. spot bitcoin ETFs are now at approximately 1.25 million BTC ($135 billion), according to CoinGlass data — nearly 6% of bitcoin's total 21 million supply. IBIT accounts for approximately 56% of that AUM alone — greater than Strategy's 597,325 BTC ($65 billion) stack, for comparison.

US spot Bitcoin ETFs hit $50 billion inflow milestone

The U.S. spot Bitcoin ETFs also passed the $50 billion cumulative inflow milestone on Monday after adding another $1.2 billion over the past three trading days, according to data compiled by The Block.

BlackRock's IBIT again leads those total combined inflows since the Bitcoin ETFs' 2024 debut with $52.9 billion. Additional net inflows into the other funds are offset by around $23.3 billion in net outflows from Grayscale's GBTC.

IBIT also dominates by volume, accounting for around 80% of $2.9 billion in trading on Monday.