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 ETF 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.

U.S. spot bitcoin ETFs saw record net inflows of more than $1.38 billion on Thursday as Bitcoin achieved a new all-time high. This comes as Republican Donald Trump won the U.S. presidency and the Federal Reverse announced another rate cut of 25 basis points.