BlackRock’s spot Bitcoin ETF, known as IBIT, is making history. In just 341 days, it has surpassed $70 billion in assets under management, becoming the fastest ETF ever to reach this milestone. The previous record, held by the gold-backed ETF GLD, took 1,691 days.

This explosive growth is tied to Bitcoin’s own rise — from $30,000 to $110,000 since BlackRock’s filing. According to Bloomberg analyst Eric Balchunas, that’s a 7x return compared to the S&P 500 over the same period.

A trusted product in a legitimized market

IBIT received approval from the SEC on January 10, 2024, alongside ten other similar ETFs. This opened the door for U.S. investors to access Bitcoin through regulated financial markets, without relying on crypto exchanges.

The ETF’s rapid success is also powered by BlackRock’s global credibility, with over $11.6 trillion in assets under management. CEO Larry Fink has become a vocal supporter of Bitcoin, calling it “digital gold” — and even suggesting it could eventually rival the U.S. dollar.

Other top Bitcoin ETFs include:

• Fidelity: $21.81 billion in assets
• Grayscale: $20.29 billion as of June 10