iShares Bitcoin Trust Manages Record Amounts of Money, Larry Fink Says
BlackRock CEO Larry Fink announced in an interview with CNBC that his company's Bitcoin-linked spot exchange-traded fund, the iShares Bitcoin Trust (IBIT), has surpassed $100 billion in assets under management.
The record amount was reached less than two years after the launch of Bitcoin funds in the US. The world's largest asset manager currently holds 804,944 Bitcoins, valued at $89 billion. Last week, when Bitcoin reached an all-time high of $126,199, BlackRock's holdings exceeded $100 billion.
BlackRock's Bitcoin holdings represent 3.833% of the total BTC supply. The only corporate owner with a comparable stake is Strategy, which holds 640,250 BTC—3.048% of the total supply. In addition to Bitcoin, BlackRock is also heavily invested in Ethereum. BlackRock currently holds over $17.3 billion worth of Ethereum in its portfolio.
BlackRock manages $13 trillion in assets. The company's CEO believes that it will soon be possible to tokenize virtually everything: from real estate to stocks and bonds. Fink called tokenization a future trend that will open up new opportunities for investors, especially young people interested in crypto assets.
Fink had previously expressed caution regarding cryptocurrencies, doubting that Bitcoin would be in demand among large companies. However, as the crypto industry matured, Fink acknowledged that Bitcoin was worth buying for portfolio diversification, and that the first cryptocurrency could compete with gold.
Source: cryptonews.net
