BlackRock CEO Very Bullish as Bitcoin ETF Hits $17B

BlackRock CEO Larry Fink pleasantly surprised by strong retail demand for firm's Bitcoin ETF.

Azcnews (4)

BlackRock CEO Larry Fink expressed his delight at the impressive performance of his firm’s recently launched Bitcoin exchange-traded fund (ETF) and reiterated his optimistic outlook on Bitcoin’s long-term prospects.

In an interview with Fox Business on March 27, Fink remarked on the unprecedented growth of the iShares Bitcoin Trust (IBIT), describing it as the fastest-growing ETF in history in terms of asset accumulation. He admitted to being pleasantly surprised by IBIT’s performance over its initial 11 trading weeks, highlighting its remarkable achievement of attracting $13.5 billion in flows during this period, with a notable daily peak of $849 million on March 12.

Fink emphasized the evolution of a market characterized by enhanced liquidity and transparency, attributes he hadn’t anticipated to such a degree prior to the ETF’s launch. Reflecting on IBIT’s success, he acknowledged that its performance had exceeded his expectations, indicating his strong bullish sentiment towards Bitcoin’s enduring viability.

Currently holding $17.1 billion in Bitcoin, IBIT swiftly reached the $10 billion milestone within just two months, a feat that took the first gold ETF two years to accomplish, according to BitMEX Research. Despite trailing behind the Grayscale Bitcoin Trust in terms of Bitcoin holdings, IBIT remains a significant player in the ETF landscape, alongside other leading funds such as the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB).

However, amidst the success stories, industry experts caution that not all ETF issuers may thrive in this competitive market. Hector McNeil, co-CEO and founder of ETF provider HANetf, predicts that many ETFs may struggle to break even due to high costs unless they amass billions in assets under management. Some issuers have already adjusted fees to remain competitive, but smaller players face a formidable challenge in competing against industry giants.

Related: Fifth Largest Bitcoin Whale Awakens After 5 Years

The approval of Hashdex’s spot Bitcoin ETF on March 27 adds to the growing competition in the US market, further intensifying the battle among ETF providers seeking to establish themselves in the burgeoning cryptocurrency investment landscape.

4.6/5

(23 votes)
  1. Avatar of Victor
    Victor

    Congratulations to the growth of his company

  2. Avatar of Nura
    Nura

    Good

  3. Avatar of
    Anonymous

    This 🌎 is about to change

  4. Avatar of Nuru Ali Othman
    Nuru Ali Othman

    Hi

  5. Avatar of JunaidKhan
    JunaidKhan

    BlackRock CEO Very Bullish as Bitcoin ETF Hits $17B

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