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BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed its own flagship S&P 500 ETF (IVV) in annual fee revenue according to Bloomberg. IBIT which launched only 18 months ago has quickly grown to $75 billion in assets with a 0.25% fee generating about $187.2 million each year. In comparison IVV with $624 billion under management earns $187.1 million thanks to its much lower 0.03% fee.
Investors have poured $52 billion into IBIT since spot Bitcoin ETFs began trading in January 2024 showing strong demand for Bitcoin exposure without opening new crypto accounts. IBIT now controls over 55% of the spot Bitcoin ETF market and saw outflows in just one month. BlackRock’s Bitcoin ETF has even climbed into the top 20 most traded funds in the US.
This success highlights a shift in market confidence towards Bitcoin as a store of value with many hedge funds pensions and banks embracing it. Bloomberg data shows total spot Bitcoin ETF flows reached $54 billion with IBIT capturing the lion’s share.
