BlackRock Spot Bitcoin Debuts with 25% in Pre-market Hours

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23 Mar 2024

On Thursday, BlackRock’s iShares Bitcoin Trust ETF (IBIT) stepped into the market. The ETF experienced a boost of nearly 25% in pre-market on Nasdaq. According to some experts, there is going to be a huge inflow of ETFs from the first day itself.

BlackRock Spot Bitcoin

The U.S. Securities and Exchange Commission (SEC) recently gave its green signal to the spot Bitcoin ETF listing and trading. Furthermore, the ETF debuted into the market on Thursday with a bang. The largest asset manager, BlackRock’s iShares Bitcoin Trust ETF (IBIT), started trading at $27.50.
In addition to that, the current share is over 25% in the pre-market hours. However, the BlackRock spot Bitcoin ETF net asset value (NAV) was $26.12. This rate was at the date of approval, which has now shown a sudden increase.
Subsequently, as per a prediction by Bloomberg, there might be a huge inflow of ETFs worth $4 billion. Not to mention, BlackRock attracted approximately $2 billion on the first day of its listing on Nasdaq.

More Details on BlackRock

The BlackRock spot Bitcoin ETF is currently live on their iShares website, along with Nasdaq. Also, it has been available across 175,000 Aladdin investor platforms since the listing. BlackRock made an announcement, saying that they would reduce the fee to 0.25%.
Apart from that, they are going to waive a part of the fee for the first 12-month period. Therefore, the total fee will be 0.12% of the net asset value (NAV) of the first $5 billion of the Trust’s assets.
Dominik Rohe, Head of America’s iShares ETF and Index Investing Business at BlackRock, shared his news on the listing. He said, “Through IBIT, investors can access Bitcoin in a cost-effective and convenient way.” Now, BlackRock Spot Bitcoin ETF will be a prime support in removing obstacles and operational burdens.
Finally, investors, including asset managers and financial advisors, will be able to participate without any issues. The ETF listing has shown an unexpected performance on its first day, and experts and enthusiasts are eager to see how it performs in the coming weeks.
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Anvi Saini