BlackRock’s Bitcoin ETF Has Accumulated Over 700,000 BTC

BlackRock’s Bitcoin ETF launched in January 2024. Now t has well over 700,000 $BTC under management. That’s only after 18 months of trading. This is truly a milestone in Bitcoin spot ETF history. It also manifests BlackRock as the leader in spot Bitcoin ETFs. Their IBIT fund holds around $75.5 billion worth of $BTC at the current $BTC price of $108k.

So, what’s going on with IBIT and BlackRock’s Bitcoin ETF?

BlackRock’s Bitcoin ETF

BlackRock’s Bitcoin ETF achieved this milestone earlier this week. On the 3rd of July, IBIT had already amassed 698,919 $BTC. Last Monday, 7th July, it saw another 1,388 in net inflows. This pushed it over the 700,000 $BTC mark. That’s also 3.335% of the 21 million Bitcoin that will ever be available.

Besides BlackRock’s 700k $BTC, There’s another 550,000 $BTC around in spot ETFs. In other words, out of all Bitcoin ETFs held in the US, IBIT holds around 55%. BlackRock currently holds a total of 1.197 funds. Within a short timeframe, BlackRock’s Bitcoin ETF turned into one of its top earners. IBIT currently takes 3rd spot in generating revenue for BlackRock. The first spot is also insight and is only $9 billion in front. At this speed, IBIT should be able to catch up soon. See the picture below.

Source: X

With this in mind, here’s another interesting perspective. The combined purchases of US $BTC spot ETFs and MicroStrategy surpass the monthly mined Bitcoin. This year, their combined purchases are worth $28.22 billion. During the same time frame, miners issued $7.85 billion worth of $BTC. Another clear indicator is that a Bitcoin supply shock is nearing. Currently, exchanges hold 2.11 million $BTC. According to MartyParty on X, once this falls under 2 million $BTC, we’re out of the consolidation phase. In turn, this may trigger a Bitcoin rally.

The SEC Takes a New Position

It’s also fascinating to see that the SEC is positioning itself for a new chapter towards ETFs. It’s looking into new ways to streamline new crypto ETF approvals. Currently, when applying for an ETF in the US, you start with the 19b-4 filing. With the new structure, the SEC may bypass this step. Instead, they will only need to file the S-1 form. 

The 19b-4 filing process takes up a lot of time. With only requiring an S-1 form, the waiting period gets reduced to 75 days. Providing the SEC doesn’t object to the filing, issuers can list their ETF on an exchange. These are great improvements for US-based ETF issuers.

Disclaimer

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