- BlackRock‘s Bitcoin ETF (IBIT) has reached $97 billion in assets over 21 months, making it the firm’s top fund for fee revenue.
- S&P Global introduced its “Digital Markets 50” index, including 35 blockchain companies and 15 major cryptocurrencies.
- Coinbase gained approval to offer staking services for Ethereum, Solana, and Cosmos in New York, the first major exchange to do so.
- Morgan Stanley expanded Bitcoin, Ethereum, and Solana access to all its wealth clients via E*Trade.
- Bitcoin miners’ shares rose after the cryptocurrency hit a new all-time high above $125,000.
BlackRock now operates its most profitable fund with the iShares Bitcoin Trust (IBIT), which hit $97 billion in managed assets after only 21 months. The fund brings in more annualized fee revenue than longstanding options like the iShares Russell 1000 Growth ETF and the iShares MSCI EAFE ETF.
According to iShares, IBIT saw inflows of $2.5 billion this week, an increase from last week’s $1.8 billion. Despite its size, IBIT’s share price dropped 4% on Friday, trading at $65.85 before the market closed.
BlackRock CEO Larry Fink explained the popularity of Bitcoin for investors, saying in a past interview, “You own Bitcoin because you’re frightened of the debasement of your currency.” He pointed out the use of Bitcoin as a hedge against the loss of value in traditional currencies.
S&P Global this week launched the hybrid “Digital Markets 50” index. This index mixes 35 public companies involved in blockchain with 15 leading cryptocurrencies like Bitcoin, Ethereum, XRP, BNB, Solana, and Tron. The index aims to help investors gain broad exposure to the digital asset market without picking individual assets.
Coinbase received regulatory approval to provide staking—where users earn rewards for helping secure blockchain networks—on Ethereum, Solana, and Cosmos to New York residents. Coinbase is now the only major exchange offering this service in the state. Other exchanges, including Gemini and Kraken, still exclude New York from staking options.
Morgan Stanley has given all its wealth management clients access to buy and hold Bitcoin, Ethereum, and Solana through its E*Trade platform. Meanwhile, Bitcoin miners enjoyed a boost in share value as Bitcoin crossed $125,000 for the first time.
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