[Fox Business] Bitcoin whale ETF soars to record as crypto races
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Bitcoin’s record run is giving one exchange-traded fund a hefty lift of its own.
The iShares Bitcoin Trust ETF, the largest bitcoin ETF with $42 billion in assets as of Thursday morning, has gained 38% over the past seven days, the longest winning streak on record, as tracked by Dow Jones Market Data Group.
The move has driven the ETF, which trades under the ticker IBIT, to the highest level ever and is now considered the fastest growing ETF ever, according to Bloomberg.
“The inflows into IBIT since launch underscore investors’ preference to gain exposure to bitcoin through the convenience and quality of an exchange-traded product. The market has seen a renewed sense of optimism in anticipation of positive regulatory action for bitcoin and crypto. We remain focused on education for investors and providing access to bitcoin with convenience and transparency,” a BlackRock spokesperson told FOX Business.
Since the election, IBIT has attracted more than $3 billion in assets, according to the firm. President-elect Donald Trump’s sweep of the popular and electoral vote to cinch the White House is expected to bring a more pro-crypto administration.
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During his campaign, the president-elect spoke at the industry’s Bitcoin 2024 conference in Nashville, Tennessee, and visited a popular New York City crypto-themed bar, PubKey.
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Along with inflows, IBIT is also seeing record trading volume, Bloomberg noted, a positive sign for liquidity for investors wanting to get in or out of an asset quickly.
IBIT, which gives investors simple access to bitcoin, is mirroring the run in the largest cryptocurrency by market value, which hit a new all-time high on Wednesday, trading above $93,000 before pulling back below that level.
The fund, along with similar ETFs, came onto the scene last January when the Securities and Exchange Commission (SEC) green-lighted spot bitcoin ETFs for the first time.
Despite the historic approvals under SEC Chair Gary Gensler leading up to the Nov. 5 election, Trump said he would fire him.
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