As the price of bitcoin rose on Friday, BlackRock's spot bitcoin ETF is positioned to reach the milestone of having $2 billion in assets under management with the firm's newly launched product continuing to dominate the new class of exchange-trade funds.

Bitcoin jumped by about 5% on Friday, rising above $42,000 for the first time in more than a week, according to The Block's Price Page. That's enough to value the 49,952 bitcoin the fund held as of Jan. 25 at more than $2 billion assuming there are no net outflows on Friday, making BlackRock's new ETF the first among completely new spot bitcoin exchange-traded funds to hit that threshold.

Grayscale's spot bitcoin ETF has about $20 billion in AUM, according to data posted by a Bloomberg Intelligence analyst, but its product is a …