According to reports, BlackRock’s Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), has soared past the $2 billion mark in assets under management (AUM) just a fortnight after debuting on the Nasdaq.
The impressive market capitalization of $2.11 billion can be attributed to Bitcoin’s recent surge, breaching the $42,000 threshold for the first time in almost a week, rebounding from a dip following the ETFs’ launch on January 11.
The cryptocurrency’s robust intraday performance has been a driving force behind the swift ascent of BlackRock’s IBIT, firmly establishing its dominance in attracting investor capital.
Leveraging its status as the world’s largest asset manager, BlackRock is strategically using its market reputation to entice a diverse audience with its crypto-centric offering.
While counterparts like VanEck focused on appealing to early adopters and the crypto community through television advertisements for their Bitcoin ETFs, BlackRock adopted a distinctive approach.
The company opted for a two-minute video featuring one of its executives elucidating Bitcoin’s value proposition and guiding investors on gaining exposure to its ETF. Notably, the targeted audience for this initiative is the baby boomer demographic, showcasing BlackRock’s commitment to broadening its reach in the crypto investment landscape.
