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BlackRock's $17 billion Bitcoin ETF: Larry Fink showcases his joy

Thu 28 Mar 2024 ▪ 3 min of reading ▪ by Ariela R.
Getting informed Investissement

The Bitcoin ETF takes off anew with BlackRock’s notable entry into the market, propelling assets under management to over 17 billion dollars.

ETF Bitcoin BlackRock

“The craze for BlackRock’s Bitcoin ETF exceeds expectations,” says Larry Fink

BlackRock’s CEO, Larry Fink, expressed his astonishment at the extraordinary enthusiasm for the iShares Bitcoin Trust (IBIT), which is BlackRock’s Bitcoin ETF.

With flows exceeding 13.5 billion dollars in just 11 weeks, the IBIT has become the fastest-growing ETF in history.

“Nothing has gained in assets as quickly as the IBIT in the history of Bitcoin ETFs,” remarks Fink during an interview with Fox Business. This spectacular performance has greatly exceeded BlackRock’s expectations, confirming the Bitcoin’s potential on the global financial market.

The CEO also emphasized that the IBIT had reached the 17.1 billion dollars mark in Bitcoin in just two months. This significant milestone was achieved in a record time, even surpassing the first ETF on gold, which had taken two years to reach such a value.

According to Fink, this achievement is evidence of the growing confidence of institutional investors in Bitcoin as a viable asset class for the long term.

Challenges and Perspectives for Bitcoin ETF Issuers in a Competitive Market

Despite the resounding success of BlackRock’s Bitcoin ETF, challenges remain for ETF issuers in an expanding competitive market. According to Hector McNeil, co-CEO and founder of ETF provider HANetf:

“Most Bitcoin ETFs currently being launched may never reach the break-even point. High costs and profitability pressures are major hurdles facing Bitcoin ETF issuers.”

Despite these challenges, the entry of new players into the market indicates a rising interest in Bitcoin ETFs. This is especially true for Hashdex, which has recently received approval for its spot ETF, becoming the 11th entrant in the competitive U.S. market.

The rise of BlackRock’s Bitcoin ETF marks a major step in the institutional adoption of cryptocurrency. Despite ongoing challenges, the market offers promising prospects for investors and continues to attract the attention of global financial players.

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.