Blackrock’s head of digital assets recently shared insights on the strong demand for bitcoin among the asset management firm’s clients. According to Robert Mitchnick, bitcoin is the preferred cryptocurrency among Blackrock’s clients, with Ethereum following closely behind and other cryptocurrencies lagging significantly in popularity.
The firm’s spot bitcoin exchange-traded fund, the Ishares Bitcoin Trust (IBIT), has seen substantial growth in its bitcoin holdings since its launch earlier this year. As of the latest data, IBIT holds approximately 243,000 bitcoins, valued at around $15.8 billion. This continuous accumulation of BTC underscores the growing interest in bitcoin among institutional investors.
Speaking at Bitcoin Investor Day in New York City, Mitchnick highlighted Blackrock’s evolving approach to bitcoin and cryptocurrency over the years. He noted that while some clients are already experienced crypto investors, others are newcomers seeking to understand the fundamentals and technology behind digital assets.
When asked about client preferences and interests, Mitchnick emphasized that investors are increasingly turning to IBIT for exposure to bitcoin. Clients are keen on understanding the risks and potential returns associated with bitcoin, as well as the role of digital assets in a diversified portfolio.
Overall, Blackrock’s focus is on providing informed perspectives on market dynamics, portfolio construction, and risk management to clients navigating the rapidly evolving crypto landscape. This commitment to education and tailored guidance underscores the firm’s dedication to guiding clients through the complexities of the crypto market.
