BlackRock's Spot Bitcoin ETF has become the fastest fund to surpass $70 billion in size, breaking the previous record held by gold.

PANews June 10 news, according to The Block, Bloomberg ETF analyst Eric Balchunas stated that BlackRock's Bitcoin ETF - the IBIT fund (the largest of its kind) reached an asset scale of over 70 billion USD in just 341 trading days, making it the fastest ETF to reach this milestone, achieving this speed five times faster than the previous record holder GLD (1691 days). GLD refers to the SPDR Gold Trust, which was listed on the NYSE in November 2004 and is the world's largest physically-backed gold ETF, managing an asset scale of approximately 100 billion USD. BlackRock launched its spot Bitcoin ETF in January 2024. According to Arkham Intelligence, in April of this year, BlackRock's funds held 2.8% of the total Bitcoin supply. The asset management company holds Bitcoin on behalf of its clients, but it does not own the cryptocurrency itself.