The rapidly growing iShares Bitcoin Trust (IBIT) has now blown past one of the biggest funds in an old-school category of investing: gold.
According to FactSet, the bitcoin exchange-traded fund had roughly $34.3 billion in AUM as of Friday. That puts it above the iShares Gold Trust (IAU), which had just under $33 billion.
The asset numbers do not yet reflect the most recent crypto rally over the weekend, when bitcoin surged above $80,000. IBIT was up about 6% in morning trading Monday.
The milestone comes following the victory of President-elect Donald Trump. The Republican embraced crypto as part of his campaign, including speaking at the Bitcoin Conference in July.
IBIT has raked in about $1 billion of inflows over the past week, and $27 billion overall since its launch in January, according to FactSet. The rising price of bitcoin has pushed the total asset amount to more than $30 billion.
IBIT is still about $30 billion smaller than the biggest gold ETF on the market, SPDR Gold Shares (GLD).
