In just one week, BlackRock’s Bitcoin ETF reached $1 billion in assets under management.

As the first of a new wave of bitcoin ETF providers, BlackRock’s (BLK) spot bitcoin (BTC) exchange-traded fund (ETF) crossed the $1 billion assets under management threshold on Wednesday. On January 12, trading began for the asset manager’s iShares Bitcoin Trust (IBIT).
“We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand,” Robert Mitchnick, Head of Digital Assets at BlackRock said via an email. “This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.”
According to data, IBIT’s holdings are made up of around $60,000 in currency and 99% bitcoin. 25,067 tokens were held by the fund as of Thursday’s report. IBIT is currently trading at a little premium of 0.42% over spot bitcoin, closing the week at $24.41. According to the data, the fund has so far recorded an average daily trading volume of 14 million shares.