BlackRock’s iShares Bitcoin Trust ETF (IBIT) bought another $336 million worth of Bitcoin (BTC) in a single day, adding 3,005 BTC to its holdings and bringing its total assets under management to over $72.7 billion.
When BlackRock filed for IBIT in 2024, Bitcoin’s price was $30,000. Now, it’s approaching $110,000, which is a return 7x that of the S&P 500, as noted by analyst Eric Balchunas on June 10.
The success comes as U.S. spot Bitcoin exchange-traded funds (ETFs) near a combined $1 trillion in trading volume, up from $100 billion in March.
The momentum allowed IBIT to hit a new all-time high of $62.75 per share yesterday, marking a nearly 150% return for investors since its January 2024 debut. At press time, IBIT is sitting at $62.06 in pre-market, marking a -0.37% dip.
Ethereum ETFs
In addition to BTC, BlackRock has also reportedly acquired $80.6 million worth of Ethereum (ETH).
Following the news, the token crossed the $2,800 threshold, now trading at $2,801.
The purchase aligns with BlackRock’s expanding ETH exposure via its iShares Ethereum Trust ETF (ETHA), which saw $249 million in inflows last week.
All in all, BlackRock’s moves suggest institutional investors are actively increasing their demand for altcoins.
Featured image via Shutterstock
