Bitcoin exchange-traded funds (ETFs) experienced a continued influx of capital on Monday, with a combined $251 million flowing into the products, according to preliminary data. Leading the gains was the iShares Bitcoin Trust (IBIT) managed by BlackRock, which accounted for a significant portion of the inflows.
The iShares Bitcoin Trust ETF, trading on the Nasdaq Global Select Market under the ticker IBIT, closed at $40.07 on Monday, a gain of 0.91%. Trading volume reached 45,702,815 shares, below its average daily volume of 67,913,055. The ETF’s net assets currently stand at $50.15 billion, with a net asset value (NAV) of $39.69 per share.
BlackRock’s iShares Bitcoin Trust ETF is designed to reflect the performance of the price of Bitcoin, offering investors a familiar exchange-traded product (ETP) structure for direct Bitcoin exposure. Unlike traditional investment companies, the iShares Bitcoin Trust ETF is not registered under the Investment Company Act of 1940, and therefore operates under a different regulatory framework.
Other Bitcoin ETFs likewise saw activity on Monday. The Fidelity Wise Origin Bitcoin Fund (FBTC) gained $0.88 to close at $61.57, while the iShares Ethereum Trust (ETHA) rose $1.88 to $15.69. The performance of these ETFs contrasts with the year-to-date daily total return of -20.02% for IBIT, while the category average is 23.70%.
The iShares Bitcoin Trust ETF has an expense ratio of 0.25% and was launched on January 5, 2024. The fund is non-diversified, meaning it concentrates its investments in a single asset class – Bitcoin. Yahoo Finance data indicates a 52-week trading range for IBIT between $35.30 and $71.82.
As of 4:35 PM EDT, IBIT was trading at $39.99 in after-hours trading, down $0.08, or 0.20% from its closing price.
