BlackRock Inc.’s flagship Bitcoin ETF has delivered strong returns since its launch — but for most investors, the outcome has been far more modest.

The iShares Bitcoin Trust (ticker IBIT) posted a more than-40% annualized return from its January 2024 debut through November 2025, data compiled by Bloomberg show, even after the recent crypto selloff. But the average investor earned just 11% annualized over the same period, according to new analysis by Morningstar. Much of that disconnect owes to poor timing: many investors piled in only after the fund had already surged — underscoring how market timing can blunt even the best-performing products.

BlackRock Inc.’s flagship Bitcoin ETF has delivered strong returns since its launch — but for most investors, the outcome has been far more modest.

The iShares Bitcoin Trust (ticker IBIT) posted a more than-40% annualized return from its January 2024 debut through November 2025, data compiled by Bloomberg show, even after the recent crypto selloff. But the average investor earned just 11% annualized over the same period, according to new analysis by Morningstar. Much of that disconnect owes to poor timing: many investors piled in only after the fund had already surged — underscoring how market timing can blunt even the best-performing products.