BlackRock's spot Bitcoin ETF becomes the fastest fund to reach $70 billion, breaking gold's previous record

Planet Daily News: Bloomberg ETF analyst Eric Balchunas stated that BlackRock's Bitcoin ETF - IBIT fund (the largest of its kind) reached over $70 billion in assets in just 341 trading days, becoming the fastest ETF to achieve this milestone, which is five times faster than the previous record holder GLD (1,691 days). GLD is the SPDR Gold Trust fund, listed on the New York Stock Exchange in November 2004, and is the world's largest physically-backed gold ETF, managing assets of approximately $100 billion. BlackRock launched its spot Bitcoin ETF in January 2024. According to Intelligence data, in April this year, BlackRock's fund held 2.8% of the total Bitcoin supply. The asset management company holds Bitcoin on behalf of its clients but does not own the cryptocurrency itself. ()