BlackRock’s Bitcoin ETF, IBIT, is making serious bank. Despite only being around for a year and a half, it’s already a top earner for the company.
Close to the Top
Bloomberg analyst Eric Balchunas tweeted that IBIT is currently the third highest revenue-generating ETF for BlackRock out of a whopping 1,197 funds. It’s only about $9 billion away from taking the number one spot!
IBIT’s Impressive Numbers
With $76.314 billion in assets, IBIT is currently raking in an estimated $191 million annually. This is thanks to a 0.25% annual fee charged to investors. A $9 billion increase in assets would push its annual revenue to approximately $213 million.
The Competition
Currently, the top spot belongs to BlackRock’s IWF (iShares Russell 1000 Growth ETF), generating around $211 million yearly. IWF focuses on US companies with high growth potential and has been around since 2000. Another strong contender, EFA (iShares MSCI EAFE ETF), which invests in European, Australian, and Far Eastern markets, brings in about $207 million annually. Both IWF and EFA charge lower fees than IBIT.
What it Means
IBIT’s rapid rise shows the growing interest in Bitcoin-related investments. Its potential to become BlackRock’s top revenue-generating ETF highlights the significant impact this relatively new fund is having on the market.
