BlackRock’s Bitcoin ETF is raising cash at a rate never before seen in the fund industry. After another $4 billion inflow this week, IBIT now owns over 800,000 BTC, worth approximately $98 billionand is within striking distance of a milestone that no ETF has ever achieved so quickly.
Bloomberg Intelligence analysts Eric Balchunas and James Seyffart estimate that IBIT now generates more than $240 million a year in revenue from the 0.25% fee, making it BlackRock’s most profitable product among its global portfolio of more than 1,000 ETFs. That’s a stunning result for a fund that launched less than two years ago and has already redefined what “mainstream adoption” looks like for Bitcoin.
IBIT’s scale is unparalleled. According to Bloomberg data, the fund has raised $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 over the crypto ETF landscape. Data from Farside shows that total Bitcoin ETF holdings now exceed 1.3 million BTC, with IBIT accounting for more than 60% of that supply.
The growth has been made possible by a feedback loop of prices and inflows. Bitcoin hit a new ATH of $125,000 this weekend, up 70% since Donald Trump’s election victory in November. His administration’s push for broader crypto integration, including friendlier custody and ETF frameworks, has sparked a wave of institutional demand that mirrors the early days of the gold ETF boom two decades ago. Each price increase brings in new money from allocators eager to gain exposure without having to deal with wallets or private keys.
Balchunas and Seyffart noted that IBIT is on track to generate $100 billion in assets about five times faster than any ETF in history, a record that puts it in a class of its own. The world’s largest ETFs (SPY, QQQ, VOO) all took years to cross that threshold. IBIT could do it in less than 24 months. “The fact that IBIT is now BlackRock’s most profitable product is extremely impressive,” Seyffart told Bloomberg, recalling that even their “most optimistic expectations” have been exceeded.
Behind the scenes, this increase reflects both marketing power and timing. BlackRock used its retail distribution network and institutional relationships to channel demand into one flagship product. According to Kaiko’s Adam Morgan McCarthy, the “digital gold” story gained new attention earlier this year, especially after the US tariff announcement in April sparked a rush on perceived inflation hedges.
ETF data supports this view. In the past two weeks alone, IBIT has added nearly $4 billion in net inflows facts 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 business owners own combined. At its current growth rate, IBIT could soon own one in every twenty Bitcoins ever mined: an unprecedented concentration of BTC in a regulated product.
BlackRock has declined to comment publicly, but the message to competitors is clear: gains in scale. Fidelity’s FBTC, the second-largest spot ETF, remains roughly $70 billion smaller. Even as the rest of the market sees healthy inflows, the center of gravity is now around one ticker. The rise of IBIT has made Bitcoin a fully financialized asset: not just a hedge or an experiment, but a cornerstone product of the world’s largest asset manager.
Whether that’s bullish or worrying depends on the perspective. Bitcoin’s decentralization was based on independence from institutions. Yet the market now welcomes a fund whose success depends on them. Either way, the $100 billion mark could be just a few trading sessions away.