BlackRock’s Bitcoin ETF is getting close to $100B milestone

BlackRock’s spot Bitcoin ETF is pulling in cash at a speed never seen in the fund industry. After another $4 billion streak of inflows this week, IBIT now holds more than 800,000 BTC, worth roughly $98 billion, and is within striking distance of a milestone that no ETF has ever reached this quickly.

Bloomberg Intelligence analysts Eric Balchunas and James Seyffart estimate IBIT now generates over $240 million a year in revenue from its 0.25% fee, making it BlackRock’s most profitable product across its global lineup of more than 1,000 ETFs. That’s a stunning outcome for a fund launched less than two years ago and one that has already redefined what “mainstream adoption” looks like for Bitcoin.

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.

ETF data supports that view. Over the past two weeks alone, IBIT added nearly $4 billion in net inflows, according to data from Farside Investors, bringing its Bitcoin balance above 800,000 BTC. That’s roughly 4% of the entire Bitcoin supply and more than what MicroStrategy and the next nine largest corporate holders combined possess. At its current growth rate, IBIT could soon hold one out of every 20 Bitcoin ever mined: an unprecedented concentration of BTC in a regulated product.

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.