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Charting the crypto ETF uptrend
Bitcoin ETFs have grown to $100 billion in assets, led by:
- BlackRock (IBIT) — $48B
- Grayscale (GBTC) — $20B
- Fidelity (FBTC) — $19B
- ARK Invest (ARKB) — $4.7B
- Bitwise (BITB) — $4B
Digital gold has shown remarkable demand across traditional finance. In less than a year, BlackRock’s IBIT fund has surpassed the valuation of its gold ETF (which has operated for many years). In theory, the value of all gold above ground is over $17T while BTC nears $2T in market cap today.
BlackRock is the world’s largest financial manager, with nearly $10T in assets under management. In a Q3 Earnings Call CEO Larry Fink proclaimed:
“Bitcoin is an asset class in itself. It is an alternative to other commodities like gold.”
Bitcoin has further inspired a broader asset class which could upgrade the modern monetary system. In previous investor letters, Fink has celebrated the potential benefits of tokenization (largely enabled by Ethereum).
