New data reveals that asset management titan BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) has surpassed its gold counterpart in terms of net assets.
In a new thread on the social media platform X, Nate Geraci – co-founder of the ETF Institute – notes that BlackRock’s iShares Bitcoin Trust ETF (IBIT) took only 10 months to surpass the IShares Gold Trust (IAU), which launched many years ago.
“iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF in assets… Did this in 10 months. IAU launched in January 2005. Absolutely wild.”
According to the data, as of the morning of November 7th, the IAU had $32.7 billion in terms of net assets while IBIT hit $33.1 billion.
The news comes as the top crypto asset by market cap continues to surge after the US presidential election, which took place on November 5th and saw Donald Trump defeat Kamala Harris.
The crypto king was valued at around $69,000 before the election. That night and the following day, it surged to $74,000 and is now trading for $76,000 at time of writing, a marginal increase during the last 24 hours.
In October, IBIT set a new daily inflow record when investors poured $875 million worth of daily inflows into the ETF, according to data from market intelligence firm Coinglass. The previous record was $849 million.
At the time, Bloomberg ETF expert James Seyffart said that the last two weeks of October were an “unprecedented” time for BTC ETFs.
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Featured Image: Shutterstock/laskoart/Andy Chipus
