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BlackRock Bitcoin spot exchange-traded fund (ETF) is now the asset manager’s most profitable fund. Senior ETF analyst Eric Balchunas at Bloomberg shared this on X, citing the fund’s revenue.
The milestone marks the remarkable success of BlackRock IBIT in less than two years. However, the entire category of Bitcoin spot ETFs has achieved massive gains.
IBIT Records $244.5 Million in Annual Revenue
According to data shared by Balchunas, IBIT has recorded an annual revenue of $244.5 million. It has pulled in this number with an asset under management (AUM) of just $97.7 billion.
Balchunas noted that this is impressive, particularly because of the age of IBIT compared to other ETFs on the list. The closest to IBIT is the iShares Russell 1000 Growth (IWF), with $219.3 million in annual revenue from $121.83 billion in AUM.
Other ETFs with over $200 million in revenue include the iShares MSCI EAFE (EFA) and the Core S&P 500 ETF (IVV). Interestingly, EFA US has $68.45 billion in AUM with $219 million in revenue, while IVV has $701 billion and $210.3 million in revenue.
Even the BlackRock Gold ETF (IAU) has only $151 million in fees from its $60.4 billion AUM. All the other ETFs on the list have been around for more than a decade. Their age ranges from 25 years for IWF and IVV to 12 years for the iShares Core MSCI Emerging Markets ETF.
Interestingly, the 0.3% fee that BlackRock charges for IBIT is around the average fee for its most profitable funds. Other funds, such as EEM and SLV, even attract higher fees at 0.7% and 0.5%, respectively.
Meanwhile, IBIT continues to inch closer to reaching $100 billion in AUM and appears poised to reach it in this cycle. It could soon become the fastest ETF to reach that level, as it is 435 days in and already above $97 billion.
The current record holder is VOO, which reached the level in 2,001 days. With Bitcoin now inching closer to a new all-time high at $126,000, the possibility of IBIT reaching its milestone of $100 billion AUM keeps increasing.
Bitcoin ETFs Record Almost $60 Billion in Inflows Since Launch
While BlackRock IBIT leads all Bitcoin spot ETFs in AUM and volume, the other products have also performed well. Collectively, they have recorded around $59.5 billion in cumulative net inflows since launch.
The products recently experienced their second-largest weekly inflow in the past week, bringing in $3.245 billion. Only the $3.37 billion inflow in the post-election week ending November 24, 2024, surpassed this.
Overall, the US Spot Bitcoin ETFs now have $168.43 billion in AUM. IBIT is at the top with $98.5 billion, followed by Fidelity FBTC with $25.96 billion. Grayscale GBTC also has $22.21 billion, while Grayscale Bitcoin Mini has $6.04 billion.
Meanwhile, the US spot Bitcoin ETFs’ inflows last week represented a major chunk of net inflows for all crypto products. According to CoinShares, global crypto investment products saw a record $5.95 billion in net inflows.
