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iShares Bitcoin Trust ETF
BlackRock's iShares Bitcoin Trust ETF (IBIT) tracks spot bitcoin price with institutional custody, launched January 2024.
iShares Bitcoin Trust ETF
BlackRock's iShares Bitcoin Trust ETF (IBIT) received SEC approval in January 2024 after a decade of regulatory rejections for spot bitcoin ETFs. The product is managed by BlackRock's ETF and Index Investments division, led by CIO Samara Cohen, and trades on the Nasdaq under the ticker IBIT. IBIT invests directly in bitcoin held in custody by Coinbase Custody Trust Company. The fund's structure as a registered investment company under the Securities Act of 1933 provides investor protections not available in unregistered bitcoin vehicles. IBIT's expense ratio of 0.12% for the first $5B and 0.25% thereafter undercut most competing crypto funds. By March 2024, IBIT had accumulated over 200,000 bitcoin in holdings, representing roughly 1% of all bitcoin in circulation (per Bloomberg, March 2024). BlackRock's global distribution network across wealth management platforms, RIA channels, and institutional advisors gave IBIT immediate scale. The fund's first-year inflows exceeded $17B, capturing over 40% of total spot bitcoin ETF market share (per NYSE Arca data, December 2024). BlackRock operates the fund from its New York headquarters with support from its San Francisco and London offices. IBIT's structural edge lies in BlackRock's existing iShares platform infrastructure, which handles $3T+ in ETF assets. The fund benefits from BlackRock's liquidity provisioning through authorized participants like JPMorgan and Jane Street, ensuring tight bid-ask spreads that smaller competitors cannot match.
General information
Firm type
other
Year founded
2023
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Samara Cohen
Chief Investment Officer of ETF and Index Investments at BlackRock
Jay Jacobs
Head of Thematic and Active ETFs at BlackRock
Sector focus
Frequently asked questions
Who manages iShares Bitcoin Trust ETF?
IBIT is managed by BlackRock's ETF and Index Investments division, led by CIO Samara Cohen. Day-to-day portfolio management is handled by BlackRock's Global Markets and Index Investments team, which oversees over $3T in passive assets (per BlackRock corporate filings).
How does IBIT custody its bitcoin holdings?
IBIT holds its bitcoin through Coinbase Custody Trust Company, which serves as the fund's custodian. Coinbase Custody maintains segregated cold storage wallets for each client and undergoes annual SOC 2 audits (per the fund's prospectus, 2024).
What is the fee structure for IBIT?
IBIT charges an expense ratio of 0.12% on the first $5B in assets and 0.25% thereafter. BlackRock waived fees entirely for the first $5B during the first 12 months of operation (per the fund's prospectus, January 2024).
Can IBIT be held in retirement accounts?
Yes, IBIT is a registered ETF and trades on Nasdaq, making it eligible for all standard brokerage accounts including IRAs, 401(k)s through self-directed brokerage windows, and taxable accounts. It does not require a special crypto wallet or exchange account.
Does IBIT pay dividends?
No, IBIT does not pay dividends. The fund holds only bitcoin and does not generate income. Its total return is based solely on bitcoin's spot price appreciation or depreciation, minus the fund's expense ratio.
What risks does IBIT carry beyond bitcoin price volatility?
IBIT faces risks including custody concentration (single custodian Coinbase), regulatory changes affecting bitcoin or ETFs, liquidity risk during market stress, and potential forks or network disruptions on bitcoin's blockchain. The fund's prospectus explicitly notes that bitcoin's price historically can drop 50% or more in single quarters (per IBIT prospectus, 2024).
How does IBIT compare to Grayscale Bitcoin Trust (GBTC)?
IBIT operates as an ETF with daily creation/redemption, allowing its market price to stay close to NAV. GBTC operates as a closed-end trust that previously traded at persistent discounts. IBIT's expense ratio (0.12–0.25%) is lower than GBTC's 1.5%. IBIT has attracted roughly 40% of all spot bitcoin ETF inflows since inception (per Bloomberg ETF data, December 2024).
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