BlackRock’s Bitcoin ETF Crushes S&P 500 Fund in Revenue—Here’s How

Wall Street’s quiet coup is complete—BlackRock’s Bitcoin ETF just outgunned its own legendary S&P 500 cash cow. And no, this isn’t another crypto hype cycle.

The numbers don’t lie. While traditional finance dinosaurs cling to their spreadsheets, the ETF machine keeps printing. Who needs 'stable returns' when volatility pays better?

One cynical take? Maybe the suits finally realized—if you can’t beat crypto, might as well rake in the fees.

Simply a Machine

Nate Geraci, president at NovaDius Wealth Management (formerly ETF Store), told the outlet that “IBIT overtaking IVV in annual fee revenue is reflective of both the surging investor demand for bitcoin and the significant fee compression in core equity exposure.”

“Although spot Bitcoin ETFs are priced very competitively, IBIT is proof that investors are willing to pay up for exposures they view as truly additive to their portfolios.”

The nearly $75bil iShares Bitcoin ETF has only one month of outflows since Jan 2024 launch…

Now generates more fee revenue for BlackRock than its largest ETF, the iShares S&P 500 ETF.

Simply a machine.

I offer a few thoughts here.

via @isabelletanleehttps://t.co/uDv6eiVb4b pic.twitter.com/pPwMQbfplW

— Nate Geraci (@NateGeraci) July 3, 2025

Since launching in January 2024, IBIT has captured $52 billion of the $54 billion in total spot Bitcoin ETF inflows and holds over 55% of all Bitcoin ETF assets. The fund has also seen inflows in 17 of its first 18 months.

Paul Hickey, co-founder of Bespoke Investment Group, told the outlet that it was an indication of how much “pent-up demand” there was for investors to gain exposure to Bitcoin as part of their overall portfolio.

“It also illustrates the leadership of Bitcoin in the crypto space where its perceived utility as a store of value has essentially left the others in its dust,” he added.

The BlackRock fund has not seen an outflow day since June 6 and has had $1.47 billion in inflows over the past fortnight. It is “simply a machine,” said Geraci.

Busy Week For Crypto ETFs

The REX-Osprey Solana staking ETF launched on Wednesday and saw $33 million in trading volume on its first day. Solana fans were celebrating the statistic, but it is dwarfed by the first days of trading for spot Bitcoin and ethereum funds.

In related news, the SEC has approved Grayscale’s filing to convert its Digital Large-Cap Fund into an ETF, which is comprised of a basket of the top five cryptocurrencies by market capitalization.