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BlackRock’s iShares Bitcoin Trust (IBIT) has recently surpassed its iShares Gold Trust (IAU) in assets under management (AUM). As of November 7, 2024, IBIT’s AUM reached $33.17 billion, slightly exceeding IAU’s $32.96 billion. 

This milestone is notable given that IBIT was launched in January 2024, while IAU has been available since 2005. The rapid growth of IBIT reflects increasing investor interest in Bitcoin as a digital asset.

The surge in IBIT’s AUM coincides with a significant rise in Bitcoin’s price, which has recently reached new all-time highs. This trend suggests a growing acceptance of Bitcoin ETFs among investors seeking exposure to cryptocurrencies through traditional financial instruments.

In comparison, ProShares’ Bitcoin Strategy ETF (BTF), which invests in Bitcoin futures contracts, has also experienced growth but remains smaller in AUM compared to BlackRock’s IBIT.

The surpassing of BlackRock’s gold ETF by its Bitcoin ETF highlights a shift in investor preferences toward digital assets. This development underscores the evolving landscape of investment strategies and the increasing prominence of cryptocurrencies in mainstream finance.