BlackRock’s iShares Bitcoin Trust (IBIT), a fund that focuses on Bitcoin
The company generated nearly $245 million in fees over the past year. This fund has outperformed all other ETFs offered by BlackRock in terms of annual revenue.
IBIT recently reduced the annual fees of two of BlackRock’s long-standing ETFs, the iShares Russell 1000 Growth (IWF) and the iShares MSCI EAFE (EFA), by approximately $25 million.
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This change was highlighted by ETF analyst Eric Balchunas, who closely tracked IBIT’s progress.
Despite being launched just 22 months ago, IBIT is nearing $100 billion in assets under management. According to Balchunas, it is now about $2.2 billion short of that round number. In his words, just “a hair” away.
The fund collects a 0.25% annual management fee on its total holdings. As more people invest and as the price of Bitcoin rises, the fund’s size grows, and so do the fees BlackRock earns from it.
IBIT currently leads the US market among spot Bitcoin ETFs. Last week, it attracted over $1.8 billion of the $3.2 billion in net new investments flowing into US Bitcoin ETFs. That strong performance came as Bitcoin passed the $125,000 mark for the first time.
Additionally, BlackRock is planning to launch another crypto-focused product. It recently filed to create a Delaware trust for a planned Bitcoin Premium Income ETF.
Meanwhile, Bitwise recently submitted a request to the US Securities and Exchange Commission (SEC) to create a “Stablecoin & Tokenization ETF”. What is it? Read the full story.
