BlackRock’s spot bitcoin exchange-traded fund (IBIT) has swelled by $13 billion since Donald Trump’s win on Nov. 5, according to Yahoo Finance data, pushing iShares Bitcoin Trust past $40 billion in assets just 10 months following its launch.
That feat places IBIT among the top 1% of biggest ETFs in record time, according to Bloomberg Intelligence analyst Eric Balchunas.
“We had pretty optimistic projections, but, you know, I don’t think anyone’s ever going to put down as their base or even, maybe, their bull case that year one is going to rewrite the record book on inflows into the ETF category,” Robbie Mitchnick, BlackRock’s head of digital assets, said last week on the Unchained podcast.
Plenty of other companies are also benefiting from the new boom as investors bet that pro-crypto legislation could be possible in Washington, D.C., under a new Trump administration and a GOP-controlled Congress.
The stock of Coinbase (COIN), the biggest US cryptocurrency exchange, is up 58% since the election. The stock of MicroStrategy (MSTR), a software company that became the largest corporate bitcoin holder, is up 50%....<<<Read More>>>...