BlackRock's ETF has accumulated over 800,000 bitcoins under management.
Bitcoin spot exchange-traded fund IBIT has become the most profitable of all similar instruments.
The net assets of BlackRock's IBIT Bitcoin spot exchange-traded fund (ETF) have surpassed 800,000 BTC. This represents approximately 3.8% of the total Bitcoin supply, which is limited to 21 million coins.
Over this less-than-complete week, net inflows into IBIT totaled $2.3 billion (18,800 BTC), according to SoSoValue. At the end of the last trading session on October 8, BlackRock held $99.08 billion worth of Bitcoin (812,000 BTC at the current Bitcoin exchange rate of $122,000).
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By comparison, BlackRock's assets held by its fund's clients significantly exceed those of leading Bitcoin management firm Michael Saylor's Strategy, which holds 640,031 BTC worth around $78 billion, representing 3.1% of the total BTC supply.
Capital inflows into IBIT significantly exceed those into other Bitcoin ETFs. In October alone, BlackRock's fund attracted $3.96 billion, while total inflows into US ETFs (the service tracks 12) amounted to $4.81 billion.
IBIT is the most profitable ETF among a multitude of funds representing more than 1,000 companies worldwide, according to ETF market analysts Eric Balchunas and James Seyffarth at Bloomberg Intelligence. The fund charges a fee of 0.25% and generates annual returns of over $240 million, a remarkable achievement for an ETF, according to the experts.
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Source: cryptonews.net
