BlackRock's Bitcoin ETF Reaches $1 Billion AUM Milestone

According to CoinDesk, BlackRock's iShares Bitcoin Trust (IBIT) has reached the $1 billion assets under management (AUM) milestone, making it the first among the recent cohort of bitcoin ETF providers to achieve this feat. The IBIT began trading on January 12th and has seen strong investor demand, according to Robert Mitchnick, Head of Digital Assets at BlackRock. He added that this is just the beginning and the company has a long-term commitment to providing investors access to an iShares quality ETF. IBIT's holdings are composed of 99% bitcoin and nearly $60,000 in fiat, with the fund holding 25,067 coins as of the latest update. The ETF closed Wednesday trading at $24.41 and trades at a slight premium of 0.42% relative to spot bitcoin. So far, the fund has recorded an average daily trading volume of 14 million shares.