<ul data-eligibleForWebStory="false"><li>BlackRock's Bitcoin ETF, iShares Bitcoin Trust (IBIT), with $52 billion in assets under management and a 0.25% expense ratio, now generates more annual fee revenue at $187.2 million compared to the iShares Core S&P 500 ETF (IVV) with $624 billion in AUM and a 0.03 % expense ratio.</li><li>IBIT's success is attributed to its higher fee structure in the crypto market, where investors value turnkey exposure to Bitcoin despite the higher costs associated with custody and regulatory compliance.</li><li>Factors like the surge in liquidity, fiscal concerns, and seasonal demand have contributed to the favorable performance of IBIT and the increasing interest in non-sovereign assets like Bitcoin.</li><li>The success of IBIT demonstrates that in the ETF industry, revenue density driven by narrative can compete with sheer asset size. However, competitive pressures may arise if rivals reduce fees, and mainstreaming of Bitcoin could lead to regulatory changes affecting the cost structure of crypto ETFs.</li></ul>

BlackRock’s Bitcoin ETF Now Out-Earns Its Flagship S&P 500 Fund

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