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In a recent interview, Rachel Aguirre, the head of product for Blackrockβs Ishares U.S., delved into the substantial inflows witnessed by the firmβs new spot bitcoin exchange-traded fund (ETF), known as IBIT. Aguirre highlighted that the IBIT ETF has attracted a diverse group, including βretail, self-directed investors, and some who were ready to invest day one.β
Blackrockβs Bitcoin ETF IBIT Ranks as Second Largest U.S. Spot Bitcoin ETF
The launch of new spot bitcoin exchange-traded funds (ETFs) has been a significant event, amassing an impressive $11.82 billion in trading volume over just four days. Standing out in this burgeoning field, alongside Grayscaleβs GBTC, is Blackrockβs IBIT. This fund has emerged as a prominent player in terms of both trading volume and the amount of bitcoin (BTC) it holds. In its initial four days on the market, IBIT has already recorded a trading volume of $1.28 billion, representing 10.82% of the total volume across all funds.
In a recent dialogue with Bloomberg, Rachel Aguirre, the lead for Blackrockβs Ishares U.S. products, shed light on the fundβs recent inflows. She indicated that IBIT has been drawing attention from various sectors. βWeβre seeing interest from retail, self-directed investors, and some who were ready to invest day one,β she remarked in the interview. Aguirre also expressed Blackrockβs enthusiasm, noting the company is βvery excitedβ about investors exploring this new asset category for the first time.
When queried about model portfolios and the possibility of Blackrock incorporating βallocation to bitcoin in the weeks and months ahead,β Aguirre responded with a smile, choosing not to reveal any specifics, simply stating she could not comment on that matter. Aguirre noted that Blackrock is βfocusedβ on βunderstanding what education needsβ are for its clients. The firm wants to provide investors with education to support them βalong their investing journey.β
Besides ranking second in volume just behind GBTC, the IBIT fund currently possesses 25,067 BTC, valued slightly above $1 billion as per the data on the IBIT website. When it comes to spot bitcoin ETFs in the United States, Blackrockβs ETF maintains the second-largest reserves, trailing only behind the holdings of Grayscaleβs GBTC.
What do you think about the Blackrock executiveβs statements? What do you think about IBITβs performance over the past four days of trading? Share your thoughts and opinions about this subject in the comments section below.
