In Pre-Market Hours, BlackRock Spot Bitcoin ETF (IBIT) Surges by 25%.

Last updated:01/12/2024
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In Thursday’s pre-market hours, the BlackRock spot Bitcoin ETF jumped more than 25% to $27.50 on the Nasdaq.

 

Launching on Nasdaq with a bang, the iShares Bitcoin Trust ETF (IBIT) of largest asset management BlackRock soared about 25% in pre-market hours, after the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETF listing and trading. The first day of trading in Bitcoin ETFs is expected to see a huge influx of capital, according to experts.

 



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BlackRock Spot Bitcoin ETF Rises 25%

 

 

In pre-market hours on January 11, BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund was trading at $27.50, a gain of more than 25%. On the approval date, the net asset value (NAV) of the BlackRock spot Bitcoin ETF was $26.12.

 

Following its launch, the BlackRock spot Bitcoin ETF became available to 175,000 Aladdin investors on the iShares website, Nasdaq, and other channels. In addition to waiving a portion of the cost for the first twelve months, BlackRock also announced a reduction to 0.25 percent. Therefore, the charge will amount to 0.12% of the NAV of the first $5 billion worth of assets held by the Trust.

 

“Investors can access bitcoin in a cost-effective and convenient way through IBIT,” said Dominik Rohe, head of Americas iShares ETF and Index Investing unit at BlackRock.

 

Asset managers and financial advisors, among others, are hesitant to invest directly in Bitcoin because to the many challenges and administrative hassles associated with doing so. BlackRock spot Bitcoin ETF aims to alleviate some of these concerns.

 

 

 


 

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