BlackRock’s (BLK) leading cryptocurrency exchange-traded fund (ETF) now holds 700,000 Bitcoin (BTC).
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The iShares Bitcoin Trust (IBIT) has amassed $76 billion of assets under management (AUM) over the last 18 months, outpacing about a dozen other similar spot BTC ETFs. BlackRock’s Bitcoin ETF now has more assets under management than the iShares Core S&P 500 ETF (IVV) that tracks the benchmark American stock index.
The iShares Bitcoin Trust also holds more Bitcoin than the 600,000 BTC currently owned by Michael Saylor’s Strategy (MSTR), which began its cryptocurrency purchases back in 2020. Fidelity’s spot Bitcoin ETF, by comparison, holds 203,000 Bitcoin, while Grayscale’s signature fund owns 184,000 BTC.
Historic Run
Analysts on Wall Street have used words like “unprecedented” and “historic” to describe the popularity and growth of BlackRock’s iShares Bitcoin Trust. The first U.S. spot Bitcoin ETFs debuted in January 2024 and have since become the most successful ETFs of all time.
The IBIT fund is now the third highest revenue-generating ETF for BlackRock across all of its products. The New York City-based asset manager currently operates a total of 1,197 funds. BlackRock’s stock has risen 6% this year, matching gains in the S&P 500.
Is BLK Stock a Buy?
The stock of BlackRock has a consensus Strong Buy rating among 14 Wall Street analysts. That rating is based on 12 Buy and two Hold recommendations issued in the last three months. The average BLK price target of $1,089.14 implies 0.65% upside from current levels.
