BlackRock Inc.'s spot-Bitcoin exchange-traded fund has surpassed the size of its gold fund amid record demand for ETFs that invest in the original cryptocurrency.
The iShares Bitcoin Trust ETF (ticker IBIT) surpassed the $33 billion iShares Gold Trust (IAU) in total assets, reaching $34.3 billion after a record inflow of $1.1 billion on Thursday, according to data compiled by Bloomberg.
This marks a significant milestone for IBIT, in which investors have poured more than $27 billion since its launch in January, making it the fourth best-performing fund globally in terms of flows this year.
The surge in demand for IBIT comes amid a broader rally in the cryptocurrency market, with Bitcoin reaching a record high of $76,956 on Thursday as investors flock to what some consider to be "digital gold" in the wake of the election of Donald Trump, an avid supporter of the crypto market, as the next U.S. president.
IBIT still has a long way to go to catch up to the SPDR Gold Shares (GLD), the largest gold ETF with more than $76 billion in total assets.
