IBIT and FBTC smash ETFs record of days to $10 billion in assets

Bitcoin could be struggling for momentum since dipping from its all-time high reached in March.

However, what has not struggled are the top two spot Bitcoin ETFs – BlackRock’s iShares Bitcoin Trust ($IBIT) and Fidelity Wise Origin Bitcoin Fund ($FBTC).

According to Eric Balchunas, a senior ETF analyst at Bloomberg, $IBIT and $FBTC are the fastest exchange-traded funds to the $10 billion in assets under management (AUM) milestone.

$IBIT and $FBTC knocked $JEPQ off its perch

Details the analyst shared via X on Friday show that both spot Bitcoin ETFs managed to hit the landmark in far fewer days than it had taken the ETF that held the previous record. Balchunas noted via his X account:

“Prior to the bitcoin ETFs the record speed for an ETF to reach $10b in assets was held by $JEPQ who did it in 647 trading days (nearly three years). $IBIT got there in 49 days, $FBTC in 77 days.”

Prior to the bitcoin ETFs the record speed for an ETF to reach $10b in assets was held by $JEPQ who did it in 647 trading days (nearly three years). $IBIT got there in 49 days, $FBTC in 77 days. Cool visual from @thetrinianalyst pic.twitter.com/ILZOdrOEYJ

— Eric Balchunas (@EricBalchunas) May 10, 2024

Following its trading debut, BlackRock’s $IBIT quickly marched past the $10 billion in making history in just 49 days. Meanwhile, $FBTC strode to this in 77 days.

Before the supersonic speed that catapulted $IBIT and $FBTC to the new records, the fastest an ETF has exceeded $10 billion in assets under management was 647 trading days.

That record belonged to $JEPQ, the JPMorgan Nasdaq Equity Premium Income ETF. The actively managed fund currently has assets of $12.37 billion. $JEPQ launched on May 3, 2022.

The historic run for the two spot Bitcoin ETFs followed the massive enthusiasm that hit the market at the start of the year. This is after the US Securities and Exchange Commission (SEC) finally gave a nod to the first spot BTC ETFs for the US market.

$IBIT and FBTC, like the other funds approved in January, allow investors to gain exposure to Bitcoin from a traditional brokerage account.

As of May 9, data showed BlackRock held 274,550 BTC worth over $17.1 billion.

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