Key Points
- Larry Fink, BlackRock’s CEO, expresses surprise at the huge retail response to their Bitcoin ETF.
- BlackRock’s iShares Bitcoin Trust (IBIT) is becoming one of the fastest-growing ETFs in history.
Larry Fink, who co-founded BlackRock and currently serves as its chairman and CEO, recently shared his positive surprise at the robust retail response to their spot Bitcoin ETF.
BlackRock’s Bitcoin ETF Success
Fink expressed his bullish views on Bitcoin’s long-term viability during an interview with Fox Business. He mentioned that the level of retail demand for BlackRock’s iShares Bitcoin Trust (IBIT) was unexpected.
“We would never have predicted it before we filed it that we were going to see this type of retail demand,” Fink stated. He also remarked on the rise of Bitcoin, saying, “That surprised me how much [bitcoin has] gone up… We’re creating now a market that has more liquidity, more transparency.”
IBIT’s Rapid Growth
IBIT has accumulated $16 billion in assets under management and accounts for over 40% of all Bitcoin ETFs’ daily trading volumes. When asked if he anticipated such success, Fink responded affirmatively.
Furthermore, IBIT, which was launched in January, appears to be on the verge of surpassing Grayscale’s spot Bitcoin ETF (GBTC). GBTC has been in existence in a previous form for over a decade. Fink proudly declared, “IBIT is the fastest-growing ETF in the history of ETFs.”