 | BlackRock's bitcoin ETFs have become the firm's top revenue source, with allocations nearing $100 billion, a surprise given the firm's 1,400+ ETFs and $13.4 trillion in assets under management. The US-listed spot bitcoin ETF IBIT, launched in January 2024, reached $70 billion in assets in 341 days and has generated an estimated $245 million in annual fees. IBIT now holds over 3% of bitcoin's total supply, and BlackRock's own Strategic Income Opportunities Portfolio has increased its stake in IBIT by 14%, betting on the ETF's continued growth. BlackRock’s bitcoin exchange-traded funds (ETFs) have become the firm’s most profitable product line, according to Cristiano Castro, director of business development at BlackRock Brazil. The figure is notable given that the firm manages over 1,400 ETFs globally and is the world’s largest asset manager with more than $13.4 trillion in assets under management. [link] [comments] |
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