Aryptoinvest.news: As the price of Bitcoin rose on Friday, BlackRock's spot Bitcoin ETF could reach a major milestone: having $2 billion in assets under management, as the company's recently launched product continues to dominate a new class of exchange-traded funds.
Bitcoin jumped about 5% on Friday, rising above $42,000 for the first time in more than a week.. That's enough to value the 49,952 bitcoin the fund held as of Jan. 25 at more than $2 billion, assuming no net outflows on Friday, making BlackRock's new ETF the first of a brand new spot bitcoin exchange-traded fund to reach that threshold.
Grayscale's spot Bitcoin ETF has about $20 billion in AUM, but its product is a conversion of its flagship GBTC fund, according to data published by analyst Bloomberg Intelligence.
“The price of Bitcoin has driven IBIT's assets to exceed $2 billion.. That plus likely new flows today should mean assets will top $2 billion by close,” Bloomberg Intelligence analyst James Seyffart wrote in a post on X.
Total trading volume in spot Bitcoin ETFs has topped $22 billion since investors were able to buy and sell the instruments earlier this month, according to Yahoo Finance.
Total volume slows as AUM rises
The top three by trading volume are Bitcoin ETFs offered by Grayscale, BlackRock and Fidelity, which have nearly $2 billion in AUM. The products launched by Ark Invest and Bitwise each have over $500 million in assets under management.
Volumes have been slowing since the first day of trading, when buying and selling of new products reached $2.3 billion, according to Yahoo Finance.