CEO of BlackRock Larry Fink expressed his satisfaction with the performance of his company’s spot Bitcoin (BTC) exchange-traded fund (ETF) and reaffirmed his “extreme bullishness” regarding the long-term sustainability of the cryptocurrency.
“In the history of ETFs, IBIT has grown at the quickest rate. In the history of ETFs, nothing has amassed assets as quickly as IBIT, according to Larry Fink, in a Fox Business interview from March 27.
Fink claimed that the success of the iShares Bitcoin Trust (IBIT) over the first 11 trading weeks had even “surprised” him.
According to Farside Investors, IBIT has had a great start to trading. Recording $13.5 billion in flows in the first 11 weeks, with a daily high of $849 million on March 12. IBIT sees inflows of little more than $260 million every trading day on average.
“We’re building a more transparent and liquid market now, and I’m pleasantly surprised.” Before we filed it, I never would have guessed that we would have this kind of retail demand, Fink said.
In response to the question of whether IBIT would “do good, but not this good,” Fink said, “Yes, definitely.”
The CEO of BlackRock continued, “I’m very bullish on the long-term viability of Bitcoin”
BlackRock CEO Larry Fink says the $IBIT Spot #Bitcoin #ETF is the fastest growing ETF in history
pic.twitter.com/NOsDlFgROi— Simon Dixon (@SimonDixonTwitt) March 27, 2024
According to BitMEX Research, IBIT presently has $17.1 billion in Bitcoin. It only took the company two months to hit the $10 billion milestone, which took the first gold ETF two years to achieve.
With $23.6 billion in Bitcoin holdings, IBIT is the only licensed ETF that lags behind the Grayscale Bitcoin Trust. But Grayscale’s Bitcoin holdings haven’t stopped declining—it had 620,000 BTC before switching to a spot Bitcoin ETF.
Bitcoin ETF Flow – 26 March 2024
