Larry Fink is the co-founder and CEO of BlackRock, the world’s largest asset management firm with over $10 trillion in assets under management. His decision to bring BlackRock into Bitcoin was one of the most significant developments in cryptocurrency’s institutional adoption.
Shift on Bitcoin
Fink’s public stance on Bitcoin evolved dramatically. In 2017, he called himself a “big believer in the potential of what a blockchain can do” but described Bitcoin as an “index of money laundering.” By 2023, his position had reversed — he described Bitcoin as “digitizing gold” and an “international asset” that could serve as a flight-to-quality instrument.
iShares Bitcoin Trust (IBIT)
In June 2023, BlackRock filed for a spot Bitcoin ETF — the iShares Bitcoin Trust (IBIT). Given BlackRock’s track record (its ETF applications had been rejected by the SEC only once in its history), the filing was seen as a strong signal that approval was likely. IBIT launched in January 2024 alongside other approved spot Bitcoin ETFs.
IBIT became the fastest-growing ETF in history, reaching $10 billion in assets under management within weeks and surpassing $50 billion within its first year. It brought Bitcoin exposure to retirement accounts, wealth management platforms, and institutional portfolios on an unprecedented scale.
Impact
Fink’s public endorsement of Bitcoin as a legitimate asset class carried enormous weight given BlackRock’s position as the world’s dominant asset manager. His involvement legitimized Bitcoin in the eyes of many traditional finance professionals and institutional allocators who had previously dismissed it.