BlackRock Nears Top Spot in Bitcoin Fund Race

BlackRock, the world’s largest asset manager, is rapidly closing in on the title of running the world’s largest Bitcoin fund.

Despite initial scepticism about cryptocurrencies, BlackRock’s ambitions have shifted, positioning it as a significant player in the digital asset market.

The group’s spot bitcoin exchange-traded fund (ETF) has amassed $16.7 billion in assets since its launch just four months ago. This puts BlackRock less than $1 billion behind market leader Grayscale, which had a 10-year head start and manages $28 billion in bitcoin assets.

In addition to the ETF, BlackRock, in March, launched a tokenised Treasury fund on a public blockchain, Ethereum, allowing all users to follow trades on a digital ledger.

Crypto hedge funds and market makers are increasingly using this fund as collateral for trading various coins and tokens.

Remarkably, just seven years ago, BlackRock’s CEO, Larry Fink, dismissed Bitcoin as “an index of money laundering.”

However, at the January launch of the spot ETF, Fink expressed strong confidence in Bitcoin’s long-term viability, recognizing its role in the technological revolution within the financial market.

This strategic shift reflects rising client interest and the explosive growth of digital assets.

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Author: Federica Montella
eToro Popular Investor, food lover and blogger. Stock trader and Popular Investor at eToro. I am on a mission to find the best restaurants and food to eat.