IBIT’s scale is unmatched. According to Bloomberg data, the fund has taken in $37 billion in its first year and another $26 billion so far in 2025. With more than $70 billion in assets ahead of its nearest competitor, BlackRock’s Bitcoin fund has effectively consolidated Wall Street’s control of the crypto ETF landscape. Farside data shows total spot Bitcoin ETF holdings now exceed 1.3 million BTC, with IBIT accounting for more than 60% of that supply.
The growth has been powered by a feedback loop of price and inflows. Bitcoin reached a new ATH of $125,000 over the weekend, extending a 70% rally since Donald Trump’s election win in November. His administration’s push for broader crypto integration, including friendlier custody and ETF frameworks, has unlocked a wave of institutional demand that mirrors the early days of the gold ETF boom two decades ago. Every uptick in price brings in fresh money from allocators eager to gain exposure without dealing with wallets or private keys.
Balchunas and Seyffart noted that IBIT is on track to hit $100 billion in assets about five times faster than any ETF in history, a record that puts it in a league of its own. The world’s largest ETFs (SPY, QQQ, VOO) all took years to cross that threshold. IBIT could do it in under 24 months. “The fact that IBIT is now BlackRock’s most profitable product is extremely impressive,” Seyffart told Bloomberg, recalling that even their “most bullish expectations” have been surpassed.
Behind the scenes, this surge reflects both marketing muscle and timing. BlackRock used its retail distribution network and institutional relationships to channel demand into a single flagship product. According to Kaiko’s Adam Morgan McCarthy, the “digital gold” narrative gained new traction earlier this year, especially after the US tariff announcement in April triggered a rush into perceived inflation hedges.
BlackRock has declined to comment publicly, but the message to competitors is clear: scale wins. Fidelity’s FBTC, the second-largest spot ETF, remains roughly $70 billion smaller. Even if the rest of the market sees healthy inflows, the center of gravity is now fixed around one ticker. IBIT’s rise has turned Bitcoin into a fully financialized asset: not just a hedge or an experiment, but a cornerstone product of the world’s biggest asset manager.
Whether that’s bullish or concerning depends on perspective. Bitcoin’s decentralization was built on independence from institutions. Yet the market now finds itself cheering a fund whose success depends on them. Either way, the $100 billion mark could be just a few trading sessions away.
