BLK - BlackRock's Bitcoin ETF Attracts $1 Billion In First Week of Trading

2024-01-18 09:45:18 ET

The %BlackRock (NYSE: BLK) spot %Bitcoin (BTC) exchange-traded fund (ETF) has $1 billion U.S. of assets under management (AUM) one week after its launch in the U.S.

BlackRock’s Bitcoin fund has become the first among nine similar ETFs to reach the $1 billion U.S. milestone.

The world’s biggest asset manager launched its %iSharesBitcoinTrust (NASDAQ: IBIT) ETF on Jan.12 after receiving regulatory approval from the U.S. Securities and Exchange Commission (SEC).

In total, spot Bitcoin ETFs have attracted $1.90 billion U.S. of capital since the SEC approved them for American exchanges.

BlackRock’s fund consists 99% of Bitcoin and 1% of fiat, according to market data.

The price of BlackRock’s Bitcoin ETF is currently at $24.41 U.S. per unit, down 11% since it began trading. The fund has an average daily trading volume of 14 million shares.

The price of Bitcoin has fallen nearly 10% since the SEC approved the ETFs on Jan. 10. Bitcoin

is now trading at $42,375 U.S.