Revenue totaling $32 million for Q1 was disclosed by BlackRock from its Bitcoin ETF, iShares Bitcoin Trust (IBIT), in a recent SEC filing. Additionally, net assets were reported at $47.78 billion as of the end of Q1 2025, reflecting a decrease from $51.52 billion recorded in Q4 2024.
Institutional demand remained robust despite the market correction. In Q1, share issuances were reported to have surpassed redemptions by 43 million, bringing the total outstanding shares to 1.013 billion. However, the net asset value (NAV) per share experienced a decline from $53.09 to $47.14. The NAV was observed to have peaked at $60.61 on January 21 and reached a low of $44.62 on March 10.
Operational expenses were kept minimal in relation to the total asset size. Sponsor fees were recorded at $33.04 million. A promotional fee waiver applied to the initial $5 billion in assets resulted in savings of $178,082, though it expired in January 2025. While Coinbase Custody continued to serve as the primary custodian, Anchorage Digital Bank was added by BlackRock in April 2025 to mitigate counterparty risk.
A major legal hurdle was eliminated in February when the SEC’s lawsuit against Coinbase was dismissed. Simultaneously, an executive order issued by President Trump to establish a U.S. “Strategic Bitcoin Reserve,” along with proposed legislation to acquire 1 million BTC over five years, has been positioned to potentially redefine the ETF market. IBIT is currently trading at $56 in pre-market activity.
Bitcoin’s Position in the Current Market
Bitcoin (BTC) is being traded at $99,178.74, reflecting a 2.13% increase over the past 24 hours. Its market capitalization has reached $1.96 trillion, marking a 2.15% rise. Trading volume has climbed by 66.11%, totaling $54.91 billion, with a market cap ratio recorded at 2.82%. From a technical standpoint, resistance is being encountered by BTC near the $100,000 level.
If this resistance is surpassed, a subsequent target of $102,500 could be reached. Immediate support has been identified at $96,000, and a decline beneath this level may lead to a test of $93,500. The Relative Strength Index (RSI) is currently measured at 69.96, indicating that overbought conditions are being approached.
The average Relative Strength Index (RSI) is positioned lower at 59.94, indicating the presence of short-term bullish momentum. Bitcoin is being traded above both the 9-period and 21-period moving averages, which are currently recorded at $97,926 and $96,118, respectively. An upward trend has been further supported by a recent bullish crossover of the moving averages.
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