The iShares Bitcoin ETF is now bigger than its gold counterpart following rush into crypto on Trump win

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).