According to Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) has set a new benchmark in the world of exchange-traded funds (ETFs) since its launch in January 2024. 

With over $50 billion in assets amassed in just 11 months, IBIT has achieved a feat unparalleled in the industry, outpacing traditional funds that have been operating for decades.

From Skepticism To Success

BlackRock’s foray into the Bitcoin market has been a pivotal moment not only for BTC, but also for the broader cryptocurrency market. 

With over $11 trillion in assets under management, the firm’s endorsement has contributed to Bitcoin’s move beyond the $100,000 mark for the first time, ushering in a wave of institutional interest and attracting investors who were previously skeptical about the digital asset.

However, the journey to establishing a spot-Bitcoin ETF in the United States has been fraught with challenges. The Winklevoss twins pioneered the effort in 2013, only to face repeated rejections from the US Securities and Exchange Commission (SEC). 

Grayscale Investments, on the other hand, spearheaded a legal battle against the SEC, culminating in a crucial victory in 2023 when a federal appeals court overturned the agency’s prior rejection of its ETF application.

As the landscape shifted, BlackRock’s entry, led by CEO Larry Fink—who had once disparaged Bitcoin—signaled a significant change in attitude within traditional finance. 

Once the SEC granted approval

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Author: Ronaldo Marquez