BlackRock CEO Expresses Strong Confidence in Bitcoin as Its ETF Surpasses $17 Billion

BlackRock CEO Expresses Strong Confidence in Bitcoin as Its ETF Surpasses $17 Billion

Bitcoin News
March 28, 2024 by Diana Ambolis
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BlackRock CEO Larry Fink Expresses Satisfaction Over Surging Retail Demand for Firm’s Spot Bitcoin ETF BlackRock CEO Larry Fink expressed his delight over the exceptional performance of his firm’s spot Bitcoin (BTC) exchange-traded fund (ETF) and reiterated his strong optimism about Bitcoin’s long-term prospects. In an interview with Fox Business on March 27, Fink highlighted
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BlackRock CEO Larry Fink Expresses Satisfaction Over Surging Retail Demand for Firm’s Spot Bitcoin ETF

BlackRock CEO Larry Fink expressed his delight over the exceptional performance of his firm’s spot Bitcoin (BTC) exchange-traded fund (ETF) and reiterated his strong optimism about Bitcoin’s long-term prospects.

In an interview with Fox Business on March 27, Fink highlighted the remarkable growth of the iShares Bitcoin Trust (IBIT), labeling it as the fastest-growing ETF in history. He noted that IBIT had amassed assets at an unprecedented pace during its initial 11 weeks of trading, with a notable daily high of $849 million on March 12 and a total of $13.5 billion inflows. On average, IBIT records inflows of slightly over $260 million per trading day, according to data from Farside Investors.

Fink expressed his pleasant surprise at the level of retail demand for IBIT, emphasizing the creation of a market with enhanced liquidity and transparency. Despite initial expectations, he admitted that the overwhelming response exceeded predictions.

Also, read- Spot Bitcoin ETF Return to Profitability with $418 Million in Net Inflows

Asserting his bullish stance on Bitcoin’s long-term viability, Fink disclosed that IBIT currently holds $17.1 billion in Bitcoin, achieving the $10 billion milestone in just two months, a feat that took the first gold ETF two years to accomplish.

However, IBIT ranks second in Bitcoin holdings among approved ETFs, trailing behind the Grayscale Bitcoin Trust, which holds $23.6 billion in BTC. Notably, Grayscale’s Bitcoin holdings have dwindled since converting to a spot Bitcoin ETF.

While several ETF issuers, including Fidelity and ARK, have witnessed significant inflows, industry analysts caution that smaller players may struggle to turn profits, leading to potential closures. Despite fee reductions by some issuers, they face stiff competition from larger firms in the ETF market.

On March 27, Hashdex became the latest entrant into the competitive spot Bitcoin ETF market in the United States, marking the 11th approval in this category.